Want To Calculate Mortgage Rates? 3 Tips For Comparing Today's Rate To Historical Trends [mortgagehelps.blogspot.com]
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With mortgage rates at historic lows, now may be a good time to buy or refinance a house, and the Internet has made it easier than ever to shop for a mortgage. Online mortgage shopping offers ease and risk
For somebody who is in the market to buy a home or to refinance an existing mortgage, you know that one of the most important factors for determining when to move forward with applying for a mortgage is the mortgage interest rate.
There are two main factors that go into the rate for which you will ultimately qualify:
a. your current credit score
b. where today's average mortgage interest rates are for your desired loan type
While it would be nice to know where rates are headed tomorrow or next year, there is no way to predict, calculate, or otherwise know what tomorrow's rate will be. It is an impossibility to know in advance - nobody can. However, there are ways of getting a sense for where rates are today as compared to historical trends - and to understand what influences rates day-to-day.
If you want to calculate mortgage rates, here are 3 tips for comparing today's rate to historical trends:
1. Understand what affects mortgage interest rates:
For fixed-interest mortgages, mortgage rates are affected by changes in the "yield" of Treasury securities. Treasury securities are bonds issued by the U.S. government for the purposes of paying national debt. When yields go up, so do mortgage interest rates - since the Treasury securities represent just a slightly-safer investment than do mortgages.
Meanwhile, for adjustable rate mortgages, mortgage rates are affected by the fed funds rate - which is set by the Federal Reserve and has to do with how much banks charge each other overnight loans.
2. Choose a type of mortgage whose rate you want to know more about:
Now, to get a better understanding of where rates are today, it is useful to get some context by looking at recent trends.
Start by choosing a type of mortgage loan, such as a 30-year fixed (the most common type).3. Look at 3-month, 1-year and 3-year trends:
Next, for the loan type you choose to research, look at 3-month, 1-year and 3-year trends. By doing so, you will get a sense for how these rates fluctuate over time and whether they are relatively high or low today as compared to those historical rates
Take these 3 tips into account as you get a better handle on mortgage rates in order to help you make a better decision about when would be a good time to move forward with your new mortgage.
Related Want To Calculate Mortgage Rates? 3 Tips For Comparing Today's Rate To Historical Trends IssuesQuestion by Kevin P. O: Historical Mortgage Rates? I'm looking for a website that has a day by day listing of the average mortgage rate for that day. I fully understand that mortgage rates vary considerably based on a lot of factors including points and other things, but I'm more interested in overall trends. I am interested in 30-year fixed rate mortgages only. If someone can post a reply with a link to a day by day listing of the rates on each day, from a website OTHER than mortgage-x.com (I don't like the site), you'll get a best answer. Thanks! Best answer for Historical Mortgage Rates?:
Answer by WeLoan.Us
sorry I was going to say mortgage x ..I did not like it at first because it was confusing but it gives u a list of ALL the mortgage index's. I have a link down here just click on it and pick what index u want a historical chart of. http://mortgage-x.com/general/indexes/rny.asp
Answer by Pengy
http://www.hsh.com/today.html http://www.mortgage101.com/Articles/DailyRateSurvey.asp Couple of sites to try
Answer by Ron B
Bankrate .com has the daily averages for mortgages as well as other loans.
Answer by
