Daily mortgage rates could help you get a much lower refinance rate to save you thousands of dollars in the long run.
Refinance rates are definitely headed higher so it is a very good idea to make sure and check daily mortgage rates. As many financial analysts have pointed out, mortgage rates could swing as much as 75 basis points in the matter of 24 hours. If you keep up with the trends and have a clue as to where mortgage rates might be going in the near future, you could save huge amounts of money on your refinance rate.
The biggest question that you must answer is how do I know where overall rates are going? Well over the last thirty years mortgage rates have strongly correlated with the 10 year treasury yield. This is not to say that rates will move exactly with the yield, but it is likely that they will "eventually" follow suit. Sometimes it takes a few weeks for the effects to kick in, but as we saw in early June, mortgage rates will eventually follow the 10 year treasury yield.
The yield is currently uptrending but could change at any time. Make sure to keep an eye on it for a good guess as to what daily mortgage rates will be. Sometimes it is better to look at the overall trend over a few months to get a really strong feeling about the direction of rates. If you are totally clueless as to where overall rates might be headed, just Google mortgage rate forecast and there are some great sites that will give you a great idea of the future of interest rates.
