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. Mortgage rates are tied to the stock market. When Mortgage Backed Security trading is in high demand rates go down, when trading slows down they go up. Supply and demand for Mortgage Backed Securities determine the ultimate price you pay for interest on home mortgages. Therefore, when you lock an interest rate determines what you will pay in real time. Please remember rates fluctuate every day.
Many Raleigh home buyers believe to get the best mortgage rate they need to shop around lenders. However, this can be an exhausting and frustrating time wasting experience because it is a lot like driving all over town trying to find the cheapest gas at the pump. The reality is that gas prices at every pump are all within pennies of each other. Gas prices like mortgage rates are based on the price oil sells for per barrel.
To get the best mortgage rate you need a lender that knows how to advise you when to lock the interest rate and time the market based on Wall Street trading. This is why our Team carefully screens mortgage lenders and develops relationships with the best in Raleigh. Lowest interest rates, on time delivery, and no surprises at closing is what you will get from our proven lender referrals. To get the best home mortgage rate and service call us for a reference. We close hundreds of house per year and know who delivers what they promise and who doesn’t.
When you work with a RateAlert guided Loan Originator, Andy Borter at Primary Residential, you are working with someone that you can trust to look out for YOUR best interests – and interest rates!