When shopping for a mortgage loan it is important to realize that mortgage rates are constantly changing. Mortgage lenders don’t like surprises when it comes to interest rates and have entire departments dedicated to watching mortgage bond prices and economic reports. Understanding the dynamics of mortgage interest rates and performing your mortgage rate search during the shortest period of time possible will help you qualify for the best interest rate when mortgage refinancing.
Mortgage interest rates are usually released at 11am Eastern Time. Some mortgage companies price their rates sooner, some later; however, the all price their rates after the markets have opened. Mortgage lenders all watch the same data, listen to the news, and follow the same economic reports. They also price their loans from the same mortgage bond. This is why you shouldn’t find a lender with a 5.0% mortgage rate while everyone else is at 6.0%. If you do, it’s most likely a teaser rate and you should pay close attention to the fine print.
Because of the way mortgage lenders update their mortgage rates, don’t bother shopping before 10am Eastern Time. Most mortgage companies won’t have that day’s interest rates yet and won’t let you lock in an interest rate from the previous day. When shopping for quotes throughout the day keep an eye on the mortgage bond market. If mortgage bonds rally late in morning, you could find mortgage rates changing in the afternoon.
You can learn more about shopping for the most competitive mortgage offer, including costly mistakes to avoid with a free mortgage tutorial.
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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
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