During this unprecedented economic crisis caused by COVID-19, it’s very important to stay aware. You’ll want to keep your finger to the pulse of mortgage rate movement each day, so you’re ready to move when / if rates drop. This practice can save you thousands over the life of your mortgage loan. For larger figures like property values (costing hundreds of thousands, often over a million), fractions of one percentage point can equate to tremendous savings!
But how can you stay aware? With so many competing headlines, where can you turn for reliable information?
First, head over to MortgageNewsDaily.com. It’s a site for in-depth discussion on every last item of mortgage news. They’ll discuss global crises and how they’ll impact investor confidence, translating to rate movement (up or down). Pay special attention to articles posted at the start of each day, as those will discuss the biggest market indicators. Articles here are often technical, but readable without an in-depth understanding of the mortgage industry.
Terms will be thrown around like “10-year Teasury yield” or “bond market rally”, but you should be able to piece it all together through context. There are other sites that fill a similar role. TheMortgageReports.com is another – one with fewer details, which is perhaps easier for making surface level sense of mortgage news.
Once you’ve read a headline from a reliable source, and you want to pursue today’s rates, that’s when you should head over to ProspectQuote.com! We allow any borrower to price up their exact loan scenario, 24/7 – no personal info required. If you’re seeing compelling options, you can apply via our website, or give us a call to start: 858-605-0952.
Thank you, and good luck reading the news while you shop rates!
Prospect Financial Group
948 Garnet Avenue
San Diego, CA 92109
NMLS: 349089 | BRE: 01837707
Jason Vondrak has been in the mortgage industry since 2004 and co-founded the mortgage brokerage Prospect Financial Group in 2006 in San Diego, California. Today he serves as President and CEO of Prospect Financial Group and the president and founder of Prospect Property Group, a real estate development company, established in 2012.