On Mortgage Rate Movement

Ride the mortgage rate roller coaster. Literally.

The recession ended 17 months ago (even if it doesn't always feel like it). Today, Wall Street is worried that the economy will go from 0-60 overnight, spurring inflation. Hence, rising mortgage rates.

Mortgage rates are changing almost to quick to time. Forget mortgage rate shopping. Start mortgage rate locking.

Mortgage rates vary by product, as illustrated by this chart tracking FHA and conforming 30-year fixed rate mortgages. Over the last 5 years, they've moved to their own beat; trending together, and rarely equal. Deciding which is better -- FHA Or Conforming -- will depend on your situation.

Over the long-term, the 10-year treasury tracks the mortgage market. But you're not shopping for rates long-term -- you're shopping "right now". It's why the 10-year treasury is mostly irrelevant to rate shoppers.

It's a Refi Boom. The biggest one we've seen in a while. Homeowners are *finally* pulling the trigger on new mortgages, lowering their monthly payments by staggering dollar figures.

It's a Refi Boom. The biggest one we've seen in a while. Homeowners are *finally* pulling the trigger on new mortgages, lowering their monthly payments by staggering dollar figures.

It's a Refi Boom. The biggest one we've seen in a while. Homeowners are *finally* pulling the trigger on new mortgages, lowering their monthly payments by staggering dollar figures.

It's a Refi Boom. The biggest one we've seen in a while. Homeowners are *finally* pulling the trigger on new mortgages, lowering their monthly payments by staggering dollar figures.

When people visit national mortgage sites for "rates", what they're looking is for something akin to a MSRP for Mortgages; a way to keep their lender honest about rate quotes and such. Sadly, markets don't work that way. You can't visit a national website for a single mortgage rate any more than that you could watch a national forecast for a single weather report.