Information on market place Rates & Cost (TNX) used for mortgages
I'm currently shopping around to get the best deal in refinancing my mortgage.
A mortgage broker told me two days ago when I called him that the total monthly cost for the principal and interest if I refinanced my mortgage through him would be $983. Then yesterday he said that this monthly total would be $1,045.00 even though I would still be refinancing at the same 30 year rate of 3.875%.
He said that the TNX on the stock exchange is what to look at. That is the ten year yield tied to a 30yr mortgage rate and if you go look at it, it has gone back up. It was up .50 in cost from yesterday, this morning. Simple math to figure it out $209,000.00 loan amount X .50 cost = $1,045 for the same rate as yesterday that was offered. It’s now at +.49% I just checked.
I'm very new to this subject and am hoping to find information online that will better explain this to me.
Please provide me with online resources where I can learn more about this subject.
A mortgage broker told me two days ago when I called him that the total monthly cost for the principal and interest if I refinanced my mortgage through him would be $983. Then yesterday he said that this monthly total would be $1,045.00 even though I would still be refinancing at the same 30 year rate of 3.875%.
He said that the TNX on the stock exchange is what to look at. That is the ten year yield tied to a 30yr mortgage rate and if you go look at it, it has gone back up. It was up .50 in cost from yesterday, this morning. Simple math to figure it out $209,000.00 loan amount X .50 cost = $1,045 for the same rate as yesterday that was offered. It’s now at +.49% I just checked.
I'm very new to this subject and am hoping to find information online that will better explain this to me.
Please provide me with online resources where I can learn more about this subject.
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I am not sure what is to learn - truly. The Fed sets the rates and the mortgage company uses it. It is really this simple.
@Knowledgeable - Thanks and good luck with your mortgage rates.
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