Mortgage Rates
Tracking Mortgage Rates on The Internet
It’s not uncommon when I first speak with a potential client to hear the following:
I’m tracking rates at.... (enter website) and I’m shopping around so give me your best deal!
Regular readers of this website know that I encourage clients to do their research on what is going on in the mortgage industry. What I do caution on, when you’re doing your research, is to make sure you get the full story and not just a snap shot. This is even more important when tracking interest rates at only one website. Why? Because websites use different surveys, which survey different lenders, which don’t always reveal the true cost of the loan, which….you get the point. Every survey is different. Below is proof:
California Home Loan Tip: As mentioned above, be sure to do your research when looking for your new loan. Refinance or purchase, obtaining the best possible terms for your California home loan is essential. Low rates, low fees and great service are what you should expect when working with a Mortgage Consultant. And never pay an upfront fee as you may never see that refunded back to you if you choose to work with someone else.
Below are a list of respected websites that advertised what claimed to be National Rate Trends on March 3.22.2007:
Mortgage101: 5.81%
Bankrate: 5.629%
HSH: 6.29%
Interest: 5.67%
The Financials: 6.14%
USA Today: 6.16%
Mortgage-X: 6.19%
They're all different. Also, most surveys do not disclose the points, fees and costs of obtaining those rates, if the rates are locked or not, are they retail or wholesale, etc., etc. Also, rates in California are going to be higher than rates in most other states (do to the increased risk lenders have in the California real estate market)
So when you track rates, be sure to track rates at multiple sites and understand that these surveys are supposed to give you an idea of what your interest rate might look like.
Kevin O’Connor
Mortgage Consultant
www.koloans.com
800.550.5538
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