There is an easy and effective way to know where interest rates are going without adding a whole lot of confusion, hype or double speak to your life.
Us this link: Yahoo Finance
Now, find the Market Summary on the top left side of the page. The quick way to know where rates are going is simply following the 10 Year Bond index.
If the index is Positive for the day, rates are going up.
If the index is Negative for the day, rates are going down.
To know when it's moving, simply follow the money! You should follow this through your loan process so you have a better idea of whether you can get an improvement on your rate.
Log the index when you apply and watch it for when you're ready to lock. This will tell you all you need to know about the rate movement without having to do a whole lot of leg work or shopping around.
Why is this? Mortgages are bought and sold in the form of Mortgage Backed Debt Security Bonds. These bonds closely follow the 10 Year Treasury. In fact, Mortgage Securities have not followed the 10 Year Treasury Bond Movement only a handful of times over the last decade. This means, tracking rates is pretty accurate and easy following the bond market.
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