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Started By
Message
Where can I go to monitor the daily interest changes?
Posted on 4/5/12 at 9:01 am
Posted on 4/5/12 at 9:01 am
Looking to monitor the general interest rate for mortgages to see when it's going up or down and like by how much.
TIA.
TIA.
5
Posted on 4/5/12 at 10:32 am to Chad504boy
is there not a simple answer?
Posted on 4/5/12 at 10:39 am to Chad504boy
no there isnt a simple answer some would say bankrate.com but they tend to be wrong. I can tell you this the rate should be between 3.875%-4.25% on a 30yr fixed thru the summer. Anything lower than that is going to be a flash in the pan.
Posted on 4/5/12 at 10:49 am to hawkeye007
quote:
no there isnt a simple answer some would say bankrate.com but they tend to be wrong. I can tell you this the rate should be between 3.875%-4.25% on a 30yr fixed thru the summer. Anything lower than that is going to be a flash in the pan.
yesterday i was currently at 4.1 ish... we're trying to wait to see if we can lock in at least under 4 over the next few days/week or two at most. lender said 3.825 may be the ultimate best case scenario. I'd be happy enough under 4.
Posted on 4/5/12 at 11:29 am to Chad504boy
Your lender is correct if you can get 3.875% pull the trigger.
Posted on 4/5/12 at 11:43 am to Chad504boy
www.bankrate.com
ETA: Didn't see hawkeye's reply. That's the best one that I know of.
ETA: Didn't see hawkeye's reply. That's the best one that I know of.
This post was edited on 4/5/12 at 11:45 am
Posted on 4/5/12 at 12:28 pm to ZereauxSum
Posted on 4/5/12 at 12:52 pm to 2pumpchump
From what I understand, the CBOE interest rate is a great indicator to see if mortgage interest rates will rise or fall on that day.
Posted on 4/5/12 at 1:28 pm to Chad504boy
I don't understand the purpose of this. The change in your payment will be so minor. Rates are near all time lows who care about another 15bps. The difference between 4.1% and 3.95% on a 200k loan over 30 years is about $16 a month. On a 400k loan its about $34. If your house doesn't fall in that range then you certainly shouldn't be concerned about such a minor change and if it doesn the difference is a few trips to McDonald's.
Posted on 4/5/12 at 1:32 pm to 12Buck
quote:
I don't understand the purpose of this. The change in your payment will be so minor. Rates are near all time lows who care about another 15bps. The difference between 4.1% and 3.95% on a 200k loan over 30 years is about $16 a month.
Could be upwards of maybe $20 or a bit more. It's a guaranteed multi year savings for doing nothing but clicking lock button at right time.
Posted on 4/5/12 at 2:05 pm to 12Buck
quote:
I don't understand the purpose of this. The change in your payment will be so minor. Rates are near all time lows who care about another 15bps. The difference between 4.1% and 3.95% on a 200k loan over 30 years is about $16 a month. On a 400k loan its about $34. If your house doesn't fall in that range then you certainly shouldn't be concerned about such a minor change and if it doesn the difference is a few trips to McDonald's.
Principalities. I'll take my extra 400 and cover my Sbucks habit.
Posted on 4/5/12 at 2:34 pm to ItNeverRains
i have to say that the difference between 3.875% and 4.0% is just bragging rights. I could give my customers 3.99% instead of 4.0% and they would think its the best deal ever!
Posted on 4/5/12 at 2:38 pm to Chad504boy
I still think it's a waste of time. Each bank will likely have a slightly different rate so watching them day to day won't help without calling the bank everyday since you are looknig for a change in a few bps one way or the other. I don't know what your time frame is. Maybe you get lucky and rates continue to go lower than any one expects, but if you locked in today you should be happy over the life of your mortgage.
Posted on 4/5/12 at 2:49 pm to 12Buck
quote:
I still think it's a waste of time.
i'm wasting no time doing this. We are waiting on something else anyways so my lender is keeping a keen eye on the rates for me trying to lock in the best possible rate for me. Kind of what he's for. At least imho.
Posted on 4/5/12 at 3:33 pm to Chad504boy
quote:
It's a guaranteed multi year savings for doing nothing but clicking lock button at right time.
Don't you have to pay closing costs when you refinance?
Posted on 4/5/12 at 3:39 pm to kfizzle85
quote:
Don't you have to pay closing costs when you refinance?
yeah but i'm talking about clicking a lock button on 3.8 vs 4.1...
Posted on 4/5/12 at 5:26 pm to Chad504boy
...and then pay closing costs should you decide to refi from 4.1 to 3.8? Yes?
This post was edited on 4/5/12 at 5:27 pm
Posted on 4/5/12 at 9:08 pm to Chad504boy
Posted on 4/6/12 at 10:57 am to Chad504boy
When I worked for a local bank we used the site below to determine our rates. Not sure if this is for consumers too but it wasn't free...
LINK
LINK
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