Current Mortgage Rates
Methodology & Definitions
Rates displayed are the average rate of all appropriate locks locked through the Optimal Blue product eligibility and pricing engine on a given day. No adjustments are made for buy-up or buy-down decisions made by individuals.
Data is aggregated nightly with the previous day’s locks. Weekends and holidays are excluded due to lack of lock volume. All applicable product types are included unless otherwise specified, and the breakdown of customer types is by mortgage company (82.49%), bank (15.30%), credit union (1.92%), and service provider (0.30%).
Mortgage Rates 101
A mortgage is simply the financing of a home...
Mortgage Rates are driven by investor demand...
Securitization makes rates lower and allows them to follow other bonds...
Some Key Concepts are...
Mortgage rates change daily, and sometimes multiple times per day...
Understand how investors, lenders, and borrowers come together to determine the final mortgage rate...
APR attempts to factor in upfront costs to deliver a true “cost of financing”....
Rate lock time frames can vary...