(This is Part 2 of a two-part series. Read Part 1, "Wholesale mortgage prices uncover true costs.") Wholesale mortgage prices are "inside" prices, available to mortgage brokers and lenders but not to borrowers -- until now. Through a special arrangement with Amerisave, I now provide wholesale interest rates on my Web site. Last week, I discussed why wholesale prices were the most accurate indicator of day-to-day changes in the market. I also explained how borrowers could use this information to combat the widespread practice of inflating the mortgage price on the day the price is locked, beyond anything justified by market changes during the days prior to the lock. A second purpose I had in developing the data was to provide accurate measures of how, at any one time, mortgage prices vary with different features of the loan transaction. These features include loan size, FICO score of borrower, down payment, type of documentation provided, and loan purpose. This is designed ...
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