How investers usually check mortgage rate?

Question

Hi BP,

I'm a new joiner recently from <the book on rental property investing>, I'm glad I can find a great forum to discuss property investment.
I do have a question about how investors usually check today's/this week's mortgage rate. I know a couple of loan officers who are all friendly and responsive. While I have the need to check the rates relatively frequently before making an offer because I like to get the numbers calculated roughly before making an offer, the issue is I don't want to bother the loan officers every day or every week checking the rates, and then may not applying for a loan because of the deal is not ideal or offer not to get accepted.

So I'm wondering if there is some self-serve method to check some realistic/practical rates in real-time. I know there would be bunches of results is I "google" mortgage rates, but I'm not sure which of them are reliable and practical.

Thank you, BP.

Russell Brazil · Answer

Freddie Mac weekly mortgage survey

https://www.freddiemac.com/pmm...

Jay Voorhees · Answer

Hi Chris - As an Broker in the industry for 30 years, I can say I have never minded quoting rates, even if it's multiple times a week. It's part of the job. Some of the other suggestions are great estimates (checking Bankrate or looking at general market trend on https://www.freddiemac.com/pmm...) but at the end of the day asking your LO is the only way to get a surefire quote.

Joshua Messinger · Answer

Hey @Chris Wang!

Bankrate.com has an excellent mortgage rate calculator I use frequently when running analysis.

Here is the link directly to that calculator: https://www.bankrate.com/mortg...

If you ever need any help with anything in the future please don't hesitate to reach out!

All the best,

Josh

Sergey A. Petrov · Answer

these will vary wildly if you are looking for a commercial loan depending on your personal financial situation, the type of property, the rents, the downpayment, etc. etc. etc. for your regular single family / condo mortgage rates, lots of lenders post them on their websites. googling "today's mortgage rates" will get you close as well.

Rachel Simpson · Answer

Great post. I find myself having the same issue! Hopefully someone can shed some light on this.

David M. · Answer

@Chris Wang

Are you really looking at deals all over the spectrum?  I know right now that mortgage rates are really volatile.  But, look at the 10yr treasure rate and maybe some other index as a reference.  After a few quotes you should be able to get an idea of the offset.  If are working the numbers roughly, I really hope you aren't that tight that a 25 to 50 bp will make that much of a difference.  Lets face it, unless you lock in the rate the day you get the quote, that rate will be gone by the time you need to lock with these loan conditions.  Sure, it may be the loan officer's job to keep quoting, but is it worth it?

Jonathan Taylor · Answer

@Chris Wang bankrate is a ballpark range but wont be accurate as there are many factors in determining rate. FICO, LTV, DTI (if conventional), Rent received (For DSCR loans) are all factors and can be adjusted to fit your deal/goals. Best way is to run your numbers conservatively to be prepare. Check in with your lenders every few weeks if you feel you need to but you are correct. Checking daily with a broker/lender isnt the best use of either of your times.

Chris Wang · Answer

Hi Alan, thanks for the information.

Chris Wang · Answer

Hi Jay, thanks for the information. Hope the LO I know also don't mind quoting ratas. lol. I noticed you're described as a lender and MA, hope we can cooperate in the future.

How investers usually check mortgage rate?

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