Understanding Mortgage Rates, Your Clients Demand It

This market is certainly a confusing time to be quoting mortgage rates. Are they up or are they down? It is probably the opening customer question on most of your mortgage lead calls. The media is hitting your customers with tons of mixed signals on where mortgage rates are heading. You need to be ready.

Of course many of you know how mortgage rates work better than I do. However, I suspect many are just watching the rate sheets and quoting. This may work until you encounter a complex scenario or a smart customer that wants to know more.

So, as I always am, yesterday I was on the hunt for some of the best mortgage rate reporters. Not the obvious charts that you can get on Bloomberg, but people that can give you the skinny behind the number and where it is headed.

These are the two best I found: Mortgage Reporter and Florida Mortgage Daily. Both are solid mortgage loan officers with a real working knowledge of what is happening on the street.

 

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Here are a couple of samples of what you get from these two pros:

  • Although Florida Mortgage Daily is targeted at the Florida market the analysis and support is relevant to most mortgage markets.
  • Dan Green is a part of the Bankrate Survey and is great at going deep on what is about to happen with rates and why. By the way, if you think you have a clue about what mortgage rates are about to do you are an all-star–notice the Bankrate consensus chart; up, down, unchanged 33% split. Wow!

The big point here is that in this crazy and competitive market customers are coming with lots of questions. Every closing depends on you coming up with answers.

Where do you get your mortgage rate information? What resources give you the edge on the phone with the client?

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About Troy Wilson