https://www.efanniemae.com/sf/refmaterials/hrny/index.jsp is a portion of Fannie Mae's website that shows the required net yield (RNY) which is basically the wholesale price on interest rates for lenders - it's called the Historical Daily Required Net Yield. Mortgage rates lenders offer to consumers will be well above this (for no points) because lenders don't give away money for free. So this doesn't show current available interest rates, but it does show trends.
If the RNY decreases from one day to the next, it doesn't always mean that interest rates at your lender will decrease. The lender may keep them stable and "pocket" the difference, or increase them to make more of a profit, or pass the lower rates on to the consumers... the reasons are many (locked interest rates not being delivered, too many loans in their pipeline to maintain decent turn times, too few loans and need to ramp up business, etc.)... but in general it's called "hedging". Conversely if the RNY increases, lenders may not always increase their interest rates (although you bet they more likely will than not). Loan officers have no control over what interest rates the lender is offering, but they do have control over what interest rate they are offering you from the lender. However a loan officer who is honest will keep their profit margin constant and will pass any gains (or losses) on to the borrower. The new format GFE regulations generally keep the loan officer from making more of a profit than they originally disclose to you that they will be making.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
