Mortgage rates fluctuate daily - sometimes even multiple times a day. Have you ever wondered where those rates come from or why?
The answer lies on Wall Street, specifically the trading of Mortgage Backed Securities (MBS). MBS trading could result in a dramatically higher or lower mortgage payment when you are ready to lock in your rate.
At Sapphire Mortgage we subscribe and use RateAlert, a real time MBS trading feed monitoring system. We have built in a “Potential Reprice Indicator” on our homepage to show you the daily movement of interest rates and how that might affect lenders desire to change their interest rate pricing since they issued their morning rate sheet. Are they likely to reprice for the better or worse or has the market remained neutral since the publishing of their rate sheet?
Monitoring any market isn’t an exact science and to complicate things further, each lender employs their own unique pricing strategy. This gage will simply let us know that based on that day’s trading of Mortgage Backed Securities, how likely is it that lenders “collectively” will re-price for the better or worse?
When you work with Sapphire Mortgage, you are working with someone that you can trust to look out for YOUR best interests - and “interest” rates!
