Do Mortgage Rates Change Daily?

It’s that time again folks, where I answer your burning mortgage questions.

The latest mortgage Q&A: “Do mortgage rates change daily?”

Mortgage rates are hot news right now, what with them hovering around all-time lows yet again but beginning to inch higher.

And it seems everyone is interested to see if they can save a little money on their current mortgage payment via a refinance or get into a new home with a super low rate.

But while mortgage rates have been historically low years, they’ve also been extremely volatile as a result of all the government tinkering and the economy at large.

So when shopping for a home loan, it’s now more important than ever to keep a close eye on loan rates, because they can and will change daily (learn more about how mortgage rates are determined).

The interest rate you receive is one of the most important aspects of the home financing process, so you’ll want to get it right.

Heck, it can even make or break your home buying decision if affordability becomes a roadblock!

Mortgage Rate Sheets Are Printed Monday Through Friday

  • New lender rate sheets are released daily throughout the week
  • Monday through Friday unless it’s a holiday
  • Sometimes interest rates will be different, sometimes they’ll remain unchanged
  • Depending on what transpired the day before or the morning of

Each morning, Monday through Friday, banks and their loan officers get a fresh “mortgage rate sheet” that contains the pricing for that day.

I know because when I first started in the industry, I got tasked with handing them out to fellow employees (back when we used paper).

I’ll never forget kicking the printer every time it broke, which as far as I can remember was also Monday through Friday.

Anyway, these rate sheets contain the day’s current mortgage rates, which are critical to anyone working in the biz.

Without them, loan officers can’t provide quotes to borrowers unless they’re using some sort of computer system, which some of the big retail banks probably rely upon.

All loan programs offered by a given bank will be featured, including fixed rates like the 30-year fixed, 20-year fixed, and 15-year fixed, along with other loan types offered such as adjustable-rate mortgages.

Expect fixed mortgages to move more than ARMs on a daily basis, seeing that ARMs come with short-term promo rates that adjust over time, whereas mortgage bankers are taking a bigger risk by offering a rate that will never change.

You might see a slight difference in pricing between conforming mortgages backed by Freddie Mac and Fannie Mae’s guidelines, even though they’re nearly the same product. So ask for pricing on each if both are offered.

There will also be a section for jumbo loans, FHA loans, VA loans, and other government loans offered such as an FHA streamline.

Each type of loan will have its own section on the rate sheet page with corresponding pricing, which details how many discount points must be paid, or conversely, if a lender credit is offered at a certain price.

These rate sheets are also what mortgage brokers rely on to get pricing updates from all the banks and wholesale lenders they work with.

Check Out Daily Mortgage Rates on Lender Websites

  • If you don’t have access to lender rate sheets
  • Visit lender websites to access their daily mortgage rates
  • Keep track of them over time and make note of any changes
  • To determine their direction or any obvious trends

If you’re a consumer without access to mortgage lenders’ rate sheets, you can check their websites for purchase and refinance rates, though these aren’t nearly as reliable, and are typically just advertised rates with lots of assumptions.

While probably closer to national averages, you can at least glean some information, like mortgage rate trends if you see that they’re rising or falling over time.

Prospective home buyers may want to bookmark some mortgage lenders’ pages that feature today’s mortgage rates to chronicle them over time and stay in the know.

You’ll be able to get a better idea of monthly payments and hone in on the rent vs buy question.

Anyway, to answer the initial question, yes, mortgage rates can change daily, but only during the five-day workweek.

Mortgage rates do not change during the weekend, though pricing can definitely change between Friday and Monday depending on what happens on Monday morning.

In other words, pricing you receive on Friday could certainly differ from the pricing you receive on Monday morning depending on what transpires between then.

This is similar to the stock market or any other financial market for that matter. It’s constantly in flux and as such, things change, a lot.

Ask for Mortgage Rate Updates Daily

  • Ask for rate updates daily until you lock in your rate
  • Rates can move higher or lower based on a number of factors
  • Economic news, reports, data, and even geopolitical activity
  • Can significantly impact rates throughout the week

If you want to know where mortgage rates are for a given day, call your bank or broker and ask; and don’t be afraid to call every day to keep track of mortgage rates, as it’s their job to keep you informed.

Sure, they might be annoyed that you’re constantly asking for updates, but it’s their duty to provide you with this information.

It’s extremely important because it will determine how much you pay each month and over the life of the loan. So they should be more than understanding and happy to provide updated pricing.

After all, you’re the one that will be stuck paying that rate for the next 360 months if you go with a 30-year loan, so it’s worth the small effort.

Don’t just assume that the last rate quote they gave you, or the initial one to get you in the door, still stands. It could be completely different a week or even a day later.

Tip: Freddie Mac’s weekly survey just details what rates average during the week from several lenders, not necessarily the daily rate available to you.

Mortgage Rates Can Change During the Day

  • Intraday rate changes are also possible
  • If significant economic events take place during market hours
  • Like Fed meetings, major policy changes, or geopolitical events
  • That alter demand for bonds and/or mortgage-backed securities (MBS)

So we know mortgage rates have the ability to change on a daily basis, but sometimes mortgage rates may even change more than once during the same day if certain economic reports are released.

Things like Federal Reserve meetings, a bump in the 10-year Treasury yield, MBS prices, home sales data, economic activity, and other related mortgage news may make rates rise from day to day.

In other words, your interest rate is never really secure until it is locked and you receive written confirmation from the lender.

For example, a mortgage rate quote provided in the morning may no longer be valid that same afternoon.

If you drag your feet and tell the loan officer you’ll get back to them, even if just hours later, the rate may be ancient history.

Remember, if you want a guaranteed interest rate on your mortgage, you need to lock it in.

[Locking vs. floating your mortgage rate]

By locking, I mean speaking with your mortgage broker or loan officer, agreeing on certain terms, and getting lender confirmation in writing!

I can’t stress this enough; often times borrowers will be “promised” a certain interest rate or simply be told that interest rates are “X” and not to worry.

But when it comes time to close the loan, for whatever reason, interest rates may have gone up, and the promised rate is no longer available, often putting the borrower in a tough spot.

If rates increased, borrowers just bite the bullet and reluctantly agree to the current rate because they’re so far along in the loan process.

That’s why it is imperative to lock in your mortgage rate when you’re comfortable with it, and be sure to get it in writing and keep that document in a safe place!

Finally, be sure to take the time to compare rates and compare lenders too.

All too often, a borrower will just fill out a single mortgage application and call it a day. That’s fine if you don’t care about saving money, but my guess is you do care.

Take a moment to calculate the difference between two rates that are just an eighth or quarter apart using a mortgage calculator.

You might be shocked at the difference in interest over the life of the loan, which should illustrate the importance of putting in the time to shop mortgage interest rates.

Read more: What mortgage rate can I expect?

Source: thetruthaboutmortgage.com

Today’s 30 Year Mortgage Rates, February 17, 2021: Rates higher – Bankrate.com

30-year fixed mortgage interest rates

The average rate for a 30-year fixed-rate mortgage is 2.94 percent, climbing 12 basis points over the previous seven days. One month ago, the average interest rate on a 30-year mortgage was lower, at 2.90 percent. Today’s 30-year rate is 119 bps below the average annual rate in 2019, making it a great time to get a fixed-rate mortgage.

At today’s average interest rate, you’ll pay principal and interest of $418.37 for every $100,000 you borrow. That’s up $6.41 from last Wednesday. Compared to a month ago, that’s $2.14 higher.

View today’s daily mortgage rates articles to understand how other rates moved.

30-year fixed refi rates

Today’s average 30-year fixed refinance rate is 2.99 percent, an increase of 13 basis points over the past week. A month ago, the average rate on a 30-year mortgage was 2.95 percent.

At the current average rate, you’ll pay principal and interest of $421.06 for every $100,000 you borrow. Compared to last week, that’s $6.97 higher. Compared to a month ago, that’s $2.15 higher.

Bankrate average annual 30-year fixed mortgage rate, 2008-2019

Year Average 30-Year Fixed Annual Rate
2008 6.23%
2009 5.38%
2010 4.86%
2011 4.65%
2012 3.88%
2013 4.16%
2014 4.31%
2015 3.99%
2016 3.79%
2017 4.14%
2018 4.70%
2019 4.13%

30-year fixed mortgage vs. 15-year fixed mortgage

The main downside of a 30-year fixed-rate mortgage is the amount of interest you’ll pay. Mortgage rates are typically higher for 30-year loans than 15-year loans. Although your monthly payments will be lower for a 30-year loan, you’ll pay much more interest over the life of the loan.

For example, with a 15-year fixed-rate mortgage, you’ll slash your repayment time in half and save significantly on interest in the process. Compare how much interest you’ll pay on 15-year and 30-year loans with Bankrate’s 15-year or 30-year fixed mortgage calculator.

Mortgage lock recommendations

A rate lock guarantees a lender will honor a specified interest rate at a specific cost for a set period. The benefit of a mortgage rate lock is that it protects you from market fluctuations. It also puts pressure on borrowers to make sure they close on homes before the rate-lock period expires. For example, if your lender locks in your rate at 3.75 percent for 45 days and rates jump up to 4 percent within that period, you’ll still get your loan at the lesser rate.

If they choose not to lock in your rate, you’ll have a “floating” rate. That’s not a bad strategy when interest rates are generally falling, but it could be costly in a rising rate environment. A rate lock is a must for risk-averse people who are seeking a mortgage. It’s a good idea to ask for a 45-day lock at a minimum; 60 days is even better.

Searching for a mortgage lender?

  • Accelin Loans Mortgage Review
  • Garden State Home Loans Mortgage Review
  • HomePlus Mortgage Review
  • Methodology

    The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

    To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s on-site rate averages”.

Source: bankrate.com

Mortgage Interest Rates Today, January 4, 2021 | Rates ease – Bankrate.com

Multiple key mortgage rates decreased today. The average rates on 30-year fixed and 15-year fixed mortgages both tapered off. The average rate on 5/1 adjustable-rate mortgages, meanwhile, also trended down.

Rates as of January 4, 2021.

Data source: Bankrate overnight averages data

Rates for mortgages are in a constant state of flux, but, overall, they are very low by historical standards. If you’re in the market for a mortgage, it may be a great time to lock in a rate. Just make sure you’ve looked around for the best rate first.

View mortgage rates for a variety of loan types.

30-year mortgages

The average rate for a 30-year fixed mortgage is 2.87 percent, a decrease of 3 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 2.92 percent.

At the current average rate, you’ll pay principal and interest of $414.63 for every $100,000 you borrow. That represents a decline of $1.60 over what it would have been last week.

You can use Bankrate’s mortgage payment calculator to figure out your monthly payments and see how much you’ll save by adding extra payments. It will also help you computehow much interest you’ll pay over the life of the loan.

15-year mortgages

The average 15-year fixed-mortgage rate is 2.34 percent, down 4 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $659 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 Adjustable Rate Mortgage Rates

The average rate on a 5/1 adjustable rate mortgageis 2.99 percent, ticking down 4 basis points from a week ago.

These loan types are best for people who expect to sell or refinance before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.99 percent would cost about $421 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage rates

The average jumbo mortgage rate today is 2.89 percent, a decrease of 4 basis points over the last week. This time a month ago, the average rate was higher, at 2.95 percent.

At today’s average jumbo rate, you’ll pay $415.69 per month in principal and interest for every $100k you borrow. That represents a decline of $2.15 over what it would have been last week.

To stay up to date with daily mortgage rates, see our daily rates page.

How to get the best rate

Mortgage rates can differ widely based on overarching market forces, the loan amount, your location, your financial situation and how motivated mortgage lenders are to get your business. Keep in mind that the rates we quote are market averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.

It’s key when you’re looking for a loan to shop around and compare all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.

Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and remain up to date on current rates. If you’re not happy with the results you see between these pages, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

Read more:

Searching for a mortgage lender?

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

Source: bankrate.com

Triumph Lending Review: A Near Perfect 5-Star Rated Lender

Posted on February 2nd, 2021

One of the highest-rated mortgage companies on LendingTree goes by the name “Triumph Lending,” which is a division of its larger parent company Network Funding, LP.

The Texas-based direct lender boasts an incredible 5-star rating out of 5 from more than 1,100 customer reviews, meaning they must be doing something right.

They also feature an elephant in their logo, which explains the choice of image above.

Much of their lending appears to take place in The Lone Star State, so if you live in Texas, they could be a good choice if customer service is important to you.

Triumph Lending Fast Facts

  • Direct-to-consumer mortgage lender
  • Founded in 1998, headquartered in Houston, TX
  • A division of parent company Network Funding, LP
  • Offer home purchase loans and mortgage refinances
  • A LendingTree Certified Lender (top-10 in customer satisfaction)
  • Licensed to do business in six states (most active in Texas)

Triumph Lending a direct-to-consumer mortgage lender that seems to live online, meaning you can apply for a home loan remotely from their website.

The Houston-based company actually got its start as a wholesale mortgage lender, meaning they worked exclusively with mortgage brokers, as opposed to the general public.

Later, Triumph transformed into what they describe as a “hybrid retail mortgage origination company,” meaning they likely have both a retail and wholesale lending division, and/or can broker out loans when necessary.

What this means to homeowners and prospective home buyers is you can work with them directly to obtain a mortgage by calling them up or visiting their website.

They were founded in 1998 by Rex Chamberlain (current CEO) and Greg “Buzz Baker (president), who also run parent company Network Funding, LP.

At the moment, they appear to be licensed to do business in the following states: Arizona, Colorado, Florida, Illinois, Texas, and Virginia.

How to Apply with Triumph Lending

  • You can call, request a quote online, or simply apply immediately via their website
  • Their digital application allows you to apply in either English or Spanish
  • They embrace the latest technology but believe there’s no substitute for one-on-one interaction
  • Borrowers can manage their loan from start to finish via the online portal

You’ve basically got three options here. You can simply call them up on the phone to speak with a licensed loan officer and obtain pricing and loan options.

Or you can fill out a short quote request form on their website and wait for a loan officer to call you back.

Alternatively, you can visit their website and click on “Apply Now” and begin immediately by creating an account.

My recommendation is to always get pricing first, then decide if the company is competitive enough to follow through with the application. After all, you don’t want to waste your time or theirs.

Triumph says they offer an “all-online mortgage application,” which I assume means they use a digital platform that allows you to link financial accounts, scan/upload documents, and eSign disclosures.

You also get paired with a dedicated loan officer, processor, and closing team who will guide you step-by-step from start to finish.

Applicants can manage their loan 24/7 via the secure online borrower portal, which provides real-time updates and current loan status.

Based on their many positive testimonials, it sounds like they make it super easy to apply for a home loan.

Loan Programs Available at Triumph Lending

  • Home purchase loans
  • Home renovation loans
  • Refinance loans: rate and term and cash out
  • Conforming loan backed by Fannie Mae and Freddie Mac
  • Jumbo home loans
  • FHA loans
  • VA loans
  • USDA loans

Triumph Lending offers both home purchase loans and mortgage refinance loans, including rate and term refis and cash out refis.

If you’re buying or currently own a fixer-upper, you can also apply for a home renovation loan.

You can get a conforming loan backed by Fannie Mae and Freddie Mac, or a jumbo loan if your loan amount exceeds local loan limits.

They have the full slate of government-backed loan programs available, including FHA loans, USDA loans, and VA loans.

With regard to loan types, you can get a fixed-rate mortgage such as a 30-year or 15-year fixed, or a hybrid adjustable-rate mortgage, including a 5/1 ARM or 7/1 ARM.

They lend on all the usual property types, including single-family residences, condos/townhomes, and 1-4 unit investment properties.

Triumph Lending Mortgage Rates

While they do say they’ve got the “most competitive rates and terms on the market” right on their website, they don’t actually reveal their mortgage rates anywhere.

Some of the bigger banks and lenders will show you daily mortgage rates just to give you an idea of pricing, which is a nice touch.

Unfortunately, this isn’t the case with Triumph Lending. So if you want to get pricing, you’ll either need to call or submit a free rate quote request on their website.

This is probably the best way to get started as you can determine how their pricing stacks up to other mortgage companies out there.

As always, be sure to compare both the interest rate offered along with the closing costs, since you need to get an apples-to-apples comparison, and cannot do so without both.

Triumph Lending Reviews

Where Triumph Lending really seems to shine is in customer satisfaction. In fact, they’re nearly perfect based on their reviews.

Per LendingTree, they’ve got a 5-star rating out of 5 from over 1,100 reviews, with all 5-star reviews expect for two, which are 4-star reviews. That’s pretty impressive.

Additionally, they are a “Certified Lender,” which is defined as having demonstrated organizational commitment to employee development while providing “exemplary service” to LendingTree customers.

They also landed in the top-10 for customer satisfaction on the LT platform in both the second and third quarter of 2020.

On Zillow, it’s the same story – a near-perfect 4.99-star rating out of 5 from more than 350 reviews.

As I scanned through the reviews, I noticed that many of them highlighted the fact that the interest rate received was lower than expected, as were the closing costs in a lot of cases.

They’ve also got a 4.5-star rating on Google from about 15 reviews and a 5-star rating on Yelp from about 25 reviews.

While they’re not an accredited company with the Better Business Bureau, they do have an ‘A+’ rating based on their complaint history.

This means they’re generally good about resolving any customer issues that may come up quickly and competently.

Triumph Lending Pros and Cons

The Good

  • You can get started directly from their website
  • Offer a digital mortgage application using the latest tech
  • Can apply for a mortgage in both English or Spanish
  • Plenty of loan programs to choose from
  • Amazing customer reviews (nearly perfect ratings)
  • A+ BBB rating
  • Free mortgage calculator on their website

The Not

  • Do not publicize mortgage rates or lender fees
  • Not licensed in all states

(photo: Neil Ransom)

Source: thetruthaboutmortgage.com

Mortgage Interest Rates Today, December 29, 2020 | Key rate highers – Bankrate.com

Mortgage rates showed no clear direction today, but one key rate trended upward. The average for a 30-year fixed-rate mortgage increased, but the average rate on a 15-year fixed held steady. Meanwhile, the average rate on 5/1 adjustable-rate mortgages tapered off.

Rates last updated on December 29, 2020. These rates are averages based on the assumptions shown here. Actual rates on-site may vary.

Data source: Bankrate overnight averages data

Rates for mortgages are in a constant state of flux, but they continue to represent a bargain compared to rates before the Great Recession. If you’re in the market for a mortgage, it may make sense to lock if you see a rate you like. Just be sure to shop around.

Compare mortgage rates in your area now.

30-year mortgages

The average rate for a 30-year fixed mortgage is 2.88 percent, up 2 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 2.94 percent.

At the current average rate, you’ll pay principal and interest of $415.16 for every $100,000 you borrow. That’s an increase of $1.07 over what you would have paid last week.

You can use Bankrate’s mortgage rate calculator to figure out your monthly payments and see what the effects of making extra payments would be. It will also help you computehow much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 2.37 percent, unchanged since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $661 per $100,000 borrowed. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARMs

The average rate on a 5/1 adjustable rate mortgageis 3.03 percent, falling 1 basis point over the last week.

These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.03 percent would cost about $423 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage rates

The average rate for the benchmark jumbo mortgage is 2.90 percent, up 2 basis points over the last seven days. Last month on the 29th, the average rate on a jumbo mortgage was above that, at 2.98 percent.

At today’s average jumbo rate, you’ll pay $416.23 per month in principal and interest for every $100,000 you borrow. That’s an extra $1.07 compared with last week.

To stay up to date with daily mortgage rates, see Bankrate’s daily rates page.

How to get the best rate

Mortgage rates can vary largely based on overarching market forces, the loan amount, your location, your financial situation and how eager mortgage lenders are to get your business. Remember that the rates we quote are averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.

It’s key when you’re looking for a loan to shop around and compare and contrast all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.

Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and remain current on today’s rates. If you’re not happy with the results there, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

Read more:

Searching for the right mortgage lender?

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

Source: bankrate.com

Current Mortgage Rates for Monday, August 20, 2018

current mortgage rates
August 20, 2018
by Carter Wessman

Mortgage rates are continuing to hover in a tight range. We saw last week in the Freddie Mac PMMS that they moved a little bit lower, but that’s not a trend we expect to sustain over time. Read on for more details.

Where are mortgage rates going?                                             

Investors Eye Jackson Hole Symposium

Here we go with another week. It’s a fairly light economic calendar today and tomorrow, but things start to pick up as we hit the half-way point. The big event on the horizon is the Jackson Hole Symposium on Thursday and Friday.

That event, put on by the Kansas City Federal Reserve, will be closely watched by financial market participants around the world.

With the Fed widely expected to raise the nation’s benchmark interest rate, the federal funds rate, by a quarter-point as early as next month, investors are eager for more confirmation that this will take place, as well as clues on what else might happen in the coming months.

Ahead of that gathering we will get the FOMC minutes from their meeting a few weeks back, which could give some insight into the Fed’s outlook, potentially providing some talking points for officials in Wyoming.

Rate/Float Recommendation                                  

Lock now before move even higher     

With the Federal Reserve gearing up to raise the nation’s benchmark interest rate, the expectation is that mortgage rates will gradually rise over the coming weeks and months. In the near term, we could see rates tick up if there are any hawkish statements that come out of the Jackson Hole Symposium.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:           

  •   Atlanta Fed President Raphael Bostic at 11:00am

Notable events this week:     

Monday:   

Tuesday:   

Wednesday:         

  • Existing Home Sales
  • EIA Petroleum Status Report
  • FOMC Minutes

Thursday:     

  • Jobless Claims
  • FHFA House Price Index
  • PMI Composite Flash
  • New Home Sales
  • Jackson Hole Symposium
  • Kansas City Fed Mfg Index

Friday:          

  • Fedspeak
  • Jackson Hole Symposium

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.


Filed Under: Current Mortgage Rates, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates, Rates
Tagged with: Current Mortgage Rates, daily mortgage rates, Mortgage Rates, todays mortgage rates

Source: totalmortgage.com

Current Mortgage Rates for January 19th, 2021 : Rate lowers for common 30-year term – Bankrate.com

Mortgage rates diverged today, but one key rate sunk lower. The average for a 30-year fixed-rate mortgage decreased, but the average rate on a 15-year fixed ticked up. The average rate on 5/1 adjustable-rate mortgages, meanwhile, increased.

Rates last updated on January 19, 2021. These rates are averages based on the assumptions shown here. Actual rates on-site may vary.

Data source: Bankrate overnight averages data

Rates for mortgages change daily, but overall, they are very low by historical standards. If you’re in the market for a mortgage, it may make sense to go ahead and lock if you see a rate you like. Just don’t do so without shopping around first.

Compare mortgage interest rates from lenders nationally.

30-year fixed-rate mortgages

The average rate for a 30-year fixed mortgage is 2.91 percent, a decrease of 2 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 2.86 percent.

At the current average rate, you’ll pay $416.77 per month in principal and interest for every $100,000 you borrow. That’s down $1.07 from what it would have been last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see how much you’ll save by adding extra payments. It will also help you determinehow much interest you’ll pay over the life of the loan.

15-year mortgage rates

The average 15-year fixed-mortgage rate is 2.39 percent, up 1 basis point since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $662 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

5/1 Adjustable Rate Mortgage Rates

The average rate on a 5/1 adjustable rate mortgageis 2.99 percent, climbing 6 basis points over the last 7 days.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be considerably higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.99 percent would cost about $421 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage rates

The average jumbo mortgage rate today is 2.95 percent, down 3 basis points since the same time last week. Last month on the 19th, jumbo mortgages’ average rate was below that, at 2.88 percent.

At the average rate today for a jumbo loan, you’ll pay a combined $418.91 per month in principal and interest for every $100k you borrow. That represents a decline of $1.62 over what it would have been last week.

To stay up to date with daily mortgage rates, check out Bankrate’s rates hub.

Where to find the best rates

Mortgage rates can vary largely based on overarching market forces, the loan amount, your location, your financial situation and how eager mortgage lenders are to get your business. Remember that the rates we quote are averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.

It’s key when you’re searching for a loan to shop around and compare and contrast all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.

Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and stay up to date on current rates. If you’re not happy with the results you see between these pages, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

Shopping for a mortgage lender?

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

Source: bankrate.com

NBKC Mortgage Review: An Award-Winning Online Lender

Posted on January 13th, 2021

Today we’ll analyze NBKC Bank, formerly known as National Bank of Kansas City, which a depository that’s also big on home loans, funding billions in mortgages annually.

They refer to themselves as an “award-winning national mortgage company” thanks to their many accolades and numerous 5-star customer reviews.

Additionally, NBKC is a top-15 VA loan lender by purchase volume, and because they advertise less, they can pass the savings onto their customers via lower rates and fewer fees.

They also take part in the Costco Mortgage program. Read on to learn more about them.

NBKC Mortgage Fast Facts

  • Depository bank and direct mortgage lender
  • Founded in 1999, headquartered in Kansas City, Missouri
  • Offers home loans, checking/savings accounts, home equity loans, and more
  • Licensed in all 50 states and the District of Columbia
  • Funded more than $4.4B in home loans last year
  • Most active in California, Texas, and Washington
  • Takes part in the Costco home loan program

NBKC Bank, founded in 1999, is a full-service online bank and direct-to-consumer retail mortgage lender with a couple of branches in the Kansas City area.

They are also a nationally licensed bank and say they’re one of the few mortgage lenders out there that can fund VA and FHA loans in all 50 states and D.C.

This means you’ll likely be working with them from afar unless you happen to live in Missouri, or I suppose Eastern Kansas.

The good news is they have an awesome website that allows you to apply for a mortgage using the latest technology available.

Last year, the company funded about $4.4 billion in home loans, with about half used to finance a home purchase and the remainder for mortgage refinancing.

Roughly 60% of their loan volume was tied to conventional home loans, with about a third VA loans and the rest either FHA loans, jumbo loans, or non-QM loans.

NBKC does nearly 20% of their total loan volume in the state of California, and is similarly active in Texas and Washington.

Interestingly, they only do about 3% of total volume in their home state of Missouri.

How to Apply for a Home Loan with NBKC

  • You can apply for a mortgage directly from their website
  • First you need to create an account with NBKC
  • Then you can complete the app digitally from any device via a mostly paperless process
  • They offer on-site processing, underwriting, closing and funding for quick turn times

NBKC makes it simple to apply for a mortgage thanks to their clean and easy-to-navigate modern website.

To get started, simply visit their website, click on “Home Loans,” then click on “Apply Now.”

You’ll be prompted to create an account by entering your email address. Once verified, you can begin filling out a digital loan application.

They employ the latest technology that allows you to link financial accounts, scan and upload documents, and eSign disclosures and other paperwork.

Alternatively, you can contact one their loan officers directly by using the online directory (research them first if you want to work with one of the highest-rated individuals).

You can also chat with a rep on their website if you have general questions about home loans, or simply call them up on the telephone.

Or start by pricing out a loan on your time on their website, then if you like what you see, you can click on apply.

In summary, NBKC makes it easy to apply for a home loan from any device and their loan officers come highly-rated and with many years of experience on average.

Home Loan Programs Available at NBKC

  • Home purchase loans
  • Refinance loans: rate and term, cash out, and streamline
  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Jumbo home loans that exceed the conforming loan limit
  • VA loans
  • FHA loans

You can get a home purchase loan or a refinance loan, including cash out refinances and streamline refis like the VA IRRRL.

NBKC has most of the major loan programs available, including conforming loans, jumbo loans, and government-backed loans like FHA loans and VA loans.

However, they don’t appear to offer USDA loans, which are used to finance properties in select rural areas across the country.

Of course, the loan types mentioned cover most borrowers, so it shouldn’t be an issue for the vast majority of applicants.

My assumption is they lend on all property and occupancy types, so you should be able to get financing for a condo/townhome, a vacation home, or a multi-unit investment property.

They also offer home equity loans, bridge loans, home construction loans, and real estate lot loans to borrowers in the Kansas City area.

It’s not clear if they offer home renovation products, such as the FHA 203k or Fannie Mae HomeStyle.

NBKC Mortgage Rates

One advantage to using NBKC is the fact that they openly publicize their mortgage interest rates.

So if you visit their website, you can generate real-time mortgage rate quotes for free, without speaking to anyone. And perhaps more importantly, without providing your contact info.

Once you input some basic details, like loan amount, transaction type, and state, it will populate a variety of interest rates with different lender fees.

You should be able to see rates for the 30-year fixed, 15-year fixed, and 5/1 ARM, along with varying discount points or lender credits.

From what I observed, their mortgage rates were fairly competitive, but maybe not the lowest among all online mortgage lenders.

Of course, all loan scenarios are different and you won’t know the exact rate until you speak to a loan officer about pricing and provide all your details.

In terms of lender fees, it’s unclear if they charge a loan origination fee, or processing and underwriting fees.

Be sure to inquire about these as well, as they make up your mortgage APR, which is what you should use when shopping among different lenders.

NBKC Mortgage Reviews

On Zillow NBKC Bank has a super impressive 4.93-star rating out of 5 from a whopping 10,000+ customer reviews.

A lot of the reviews indicated that the interest rate and/or closing costs were lower than expected, which is a plus if you’re looking for a good deal on top of quality customer service.

Similarly, they have a 4.7-star rating out of 5 on the LendingTree platform from nearly 5,000 reviews.

They also have a 99% recommended rate and landed in the top-10 for customer satisfaction in both the first and second quarter of 2020.

On Credit Karma, it’s more of the same, a 4.9-star rating out of a possible 5 from about 600 reviews.

NBKC was also ranked the best mortgage lender of 2020 by Best Company, beating out 156 other home loan companies.

So it appears they’re doing something right in the customer service department.

Additionally, they are an accredited company with the Better Business Bureau and have been since 2004. They currently have an ‘A+’ BBB rating.

To sum it up, NBKC seems to offer a good user experience, excellent customer service, and a good array of available loan programs.

Assuming their loan pricing is also up to snuff, they could be a good choice for your home loan needs.

NBKC Mortgage Pros and Cons

The Pros

  • You can check daily mortgage rates on their website
  • Can apply for a home loan without any human assistance
  • Offer a digital mortgage application (apply from any device)
  • Licensed in all 50 states and D.C.
  • Excellent customer reviews across all ratings sites
  • A+ BBB rating, accredited since 2004
  • Free mortgage calculators and mortgage glossary

The Cons

  • Only two branch locations (in Kansas City area)
  • Do not offer USDA loans
  • Unclear what lender fees they charge
Lock in a lower rate.

Source: thetruthaboutmortgage.com

Current Mortgage Rates Hold Higher to Start the Week

current mortgage rates
September 10, 2018
by Carter Wessman

It’s another week and mortgage rates are holding steady at the levels they moved up to on Friday. It’s a moderate economic calendar this week with some reports in the latter half that could cause rates to adjust. Read on for more details.

Where are mortgage rates going?                                              

Mortgage rates hold higher after strong jobs report

Here we go with yet another week. It’s a slow start for the markets as there’s little significant economic data scheduled for release; however, Friday’s events are still looming large.

Of course, I’m talking about the monthly jobs report for August, which showed that a very solid 201,000 jobs were added to the U.S. economy for that month. More importantly, average hourly earnings ticked up 0.4%, bringing the yearly growth rate to 2.9%–the highest rate since 2009.

The consensus was for an increase of 0.2%, so the strong uptick caught investors by surprise.

The good news caused financial market participants to increase their appetite for risk and move out of bonds and into stocks, pushing long-term treasury yields higher. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) ticked up about seven basis points to 2.94%.

Mortgage rates typically move in the same direction as the 10-year yield and similarly edged higher as we headed into the weekend. Today, mortgage rates are staying close to those levels as there’s little happening in the markets to make them adjust in either direction.

Rate/Float Recommendation                                    

Lock now before rates move even higher         

Strong economic data pushed mortgage rates up higher on Friday. We’re expecting rates to continue to shift higher as the Federal Reserve gets ready to increase the nation’s benchmark interest rate later this month.

If you’re planning on buying a home or refinancing your current mortgage, we strongly recommend that you do so sooner rather than later. The longer you wait, the more likely it is that you’ll be locking in a higher interest rate and paying more over the life of your loan.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:               

Fedspeak 

  • Atlanta Fed President Raphael Bostic at 11:30am

Notable events this week:       

Monday:   

Tuesday:   

  • NFIB Small Business Optimism Index
  • JOLTS

Wednesday:         

  • PPI-FD
  • EIA Petroleum Status Report
  • 10-Yr Note Auction
  • Beige Book

Thursday:     

  • CPI
  • Jobless Claims
  • Fedspeak

Friday:          

  • Retail Sales
  • Import and Export Prices
  • Fedspeak
  • Industrial Production
  • Consumer Sentiment

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.


Filed Under: Current Mortgage Rates, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates, Rates
Tagged with: Current Mortgage Rates, daily mortgage rates, Mortgage Rates, mortgage rates today, todays mortgage rates

Source: totalmortgage.com