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Real Estate Chart of the Day
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Mortgage rates have "slowed down" lately, making it easier for home buyers and rate shoppers to compare rates between banks.
Mortgage rates continue to change at a frenetic pace. If you're not locking your rate, you're losing your rate.
Mortgage rates are changing at a blistering pace. If you're not locking your rate, you're losing your rate.
Since the start of June, mortgage rates are changing with alarming frequency. It's an all-time high for Mortgage Rate Velocity. You need to see these stats.
Paraphrasing Ferris Bueller, mortgage rates move fast. If you don't stop and look around once in a while, you might miss them. Mortgage rates changed every 4 hours, 12 minutes in May 2011.
In April 2011, lenders issued 1.70 rate sheets per day. This means that mortgage rates changed every 4 hours, 42 minutes on average. It's a slower rate of change from March, but still really, really fast.
In March 2011, lenders issued 2.26 rate sheets per day. Mortgage rates changed each 3 hours, 32 minutes on average.
Mortgage Rate Velocity -- the speed at which mortgage rates change on a day-to-day basis -- is increasing. In February, mortgage rates changed every 3 hours, 16 minutes on average.
In April, mortgage pricing crossed the threshold every 4 hours, 6 minutes, on average. For rate shoppers, it means that the rate quote you got this morning -- from your loan officer, from your bank's website, or from wherever -- is 100% useless to you by the time this afternoon rolls around.
Life is getting difficult for home buyers and rate shoppers. Since the start of April, mortgage lenders are averaging 2.25 rate sheets per day. Mortgage Rate Velocity -- the pace of rate sheet change -- is as high as it's been in a year.
