Mortgage rates can fluctuate on a daily basis due to demand, changes in the Federal Reserve discount rate and prevailing economic conditions. Track mortgage rates when you are looking for a new home loan, or want to refinance your existing mortgage to help you understand if rates are increasing or decreasing. Your strong understanding of the prevailing mortgage rates serves as your foundation for comparing mortgage rate offers by banks and financial institutions.
Step 1
Determine the type of mortgage loans you want to review. Standard mortgages include 30-year fixed-rate, jumbo fixed-rate and a variety of adjustable rate loans. Jumbo loans are required for mortgages more than $417,000 as of January 1, 2010. Match the types of loans you want to track to your financial situation, the size of home loan you need and how long you plan to live at the financed home.
Step 2
Examine your loan possibilities. You may qualify for special loans such as a Federal Housing Administration loan, a Veterans Affairs loan if you are a military veteran or a Rural Housing Service loan if you live in a small town. These loans often have lower interest rates and special terms that require separate tracking of mortgage rates.
Step 3
Find mortgage rates. Banks, financial institutions and mortgage companies typically list their daily mortgage rates on their websites. You may be required to enter basic information, such as the type of financing and your location, to receive more targeted results. General mortgage rates can be found on rate comparison and finance websites. You can also call companies directly to obtain their daily mortgage rates. Opt for well known sources that are updated daily.
Step 4
Develop a tracking spreadsheet. Place the types of loans you want to track on the left hand column and the date on the top row of a standard spreadsheet or manual tracking form. If you have narrowed your mortgage company selection, include mortgage company names along with the loan types in your descriptions. Set up the spreadsheet to track rates on a daily or weekly basis, depending on the sensitivity of your tracking needs.
Step 5
Insert mortgage rates into your tracking spreadsheet. Maintain consistency in your rate sources and update time for maximum accuracy. Easily visualize mortgage rate trends by creating a line graph of your mortgage rate points.
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