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VA rates, like all mortgage rates, are based on the current price of mortgage backed securities on the secondary market. They can and do change daily, my price sheets are better today than they have been in the past few weeks. Not sure where you are checking rates, or how much you are expecting them to move, but yes, they change daily (or even multiple times per day). Sometimes rate changes affect the pricing more than the rate, for instance, a 4% rate one day might cost 1% origination, and after a pricing improve, the same 4% rate might only cost .5% origination. Don’t just look at rate, look at the total cost of the loan!
7 months ago
Dustin Andrews
said:
Thank you for the answer. I have only found one place to view VA refi rates (as named) and that is a graph on bankrate.com. It has shown 4.25 for the past three months with no change. 4.25 is the rate that I have been told by the agent I am going through also (with no points). I am certainly not complaining about the rate, I was just curious about how it worked.
Can someone please explain why VA refi rates do not adjust nearly as often as conventional mortgage rates do? I am refinancing my VA mortgage (streamline) and have been checking rates as the paperwork goes through. It seems like the daily versatility in the market has no effect on VA rates.
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