The Mortgage News Daily Rate Index is proprietary index published by Mortgage News Daily (https://www.mortgagenewsdaily.com/).  It is based on actual interest rate offerings from a variety of mortgage lenders that operate in different mortgage lending channels (retail, correspondent and wholesale).  The actual mortgage interest rate a borrower is quoted will be based on the following characteristics that are specific to their situation:

• Credit score
• Type of transaction (purchase, refinance, cash-out)
• Type of property (single family, condominium, multi-unit)
• The amount of the down payment
• The points paid or credit received for the interest rates selected (if any)               

The index is intended to provide an approximation of current mortgage interest rates based on Mortgage News Daily’s proprietary methodology and specific criteria (some of which is outlined below). 

• The source data is actual rate offerings from a variety of lenders that operate in different channels including wholesale, correspondent, and retail.  Lenders that quote rates that are unrealistically low or high have no effect on the index and are disregarded. 
• The index is generally updated once per day (however, interest can, and often do, change throughout the day).
• The base scenario used to calculate the interest rates in the index assume a 25% down payment and a credit score over 780.  Credit scores and down payments that are higher or lower will result in different mortgage interest rates.  Additionally there are other variable the will affect the actual mortgage interest rate a borrower is quoted.