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Please note:
- Our rate index is powered by Mortgage News Daily and is published daily (weekdays) around 4PM EST.
- The source data is actual rate offerings from a variety of lenders including wholesale, correspondent, and retail.
- The index is generally updated once per day unless multiple lenders have changed rates during the day.
- A “top tier” scenario is used as a baseline (75LTV, 760FICO, etc).
- We use proprietary methodology to adjust the rate to account for points. That can mean that lenders are quoting 6.125 with points while our index is at 6.25, hypothetically.
- Originator compensation is irrelevant to this index. It is intended to capture the average lender’s top tier conforming, conventional 30yr fixed rate quote, adjusted for the prevalence of upfront points (in cases where they actually make sense). One can safely assume that the average lender rate quote is generating compensation for the originator.
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