Where to see rates

Question

How can i see what rates are from investment property purchases? Im in the middle of buying a no owner occupied triplex and my lender locked in about last week.. i keep seeing stuff online about rates are dropping. I asked him about it and said something about rates dropped 3 days ago and got the low rate. Im just curious to see what its at now. I think i locked at 7.6% and paid like 3k in points and also saw 8.0% apr on contract

If i asked what the rates are at now does he have to tell me. I always feel like he beats around the bush when i ask..

Robin Simon · Answer

Its going to vary for so on private lenders/Non-QM or DSCR from lender to lender and more than conventional which is more standard among lenders.

https://www.mortgagenewsdaily.com/ is a good resource for generally daily/weekly moves in mortgage rates in general

https://www.google.com/finance/quote/FVX:INDEXCBOE?sa=X&... The 5-Year Treasury rate is generally the right benchmark for non-owner occupied Non-QM (assuming thats the direction you are in) - and rates will generally move in concert.

I'd be happy to look at your scenario and let you know opinion on if its in line with current rates - that being said, economic data has been brutal this week and yields have risen every day, so its unlikely that rates have gotten better since you locked in last week (if you got a true rate lock)

Brittany Minocchi · Answer

All over the place. Depends on loan type and will vary lender to lender too (especially when comparing retail and broker), not all have the same margins. I've had people get lower rates at no cost than they were offered by another lender WITH points.

Brittany Minocchi · Answer

Depends on whether you're talking about conventional or nonQM financing. Sometimes lenders can do what's called a "float down", where they can adjust your rate if rates have dropped enough (enough being the key here). Usually you need a decrease of .25%+ for that to work. Or if the person you're working with is a broker, and the original lender doesn't offer that option, they can take your file to another investor. Not something I generally like to do because it can hurt the relationship there, but at the end of the day, gotta do right by your borrower.

Anything you see online can give you an idea, but it can never be 100% accurate. Too many factors go into determining someone's rate, and what you find online will likely just tell you what direction people THINK rates are headed, and national averages.

Tom Server · Answer

thank you for the information

Where to see rates

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