LoanSifter Inc. has announced the launch the LoanSifter Available Mortgage Rate Index (AMRI), a real-time mortgage rate index that provides a realistic idea of what borrowers typically pay for a loan. The LoanSifter AMRI is derived from actual daily mortgage rate searches and can be found online at LoanSifterMortgageIndex.com. The LoanSifter AMRI can be used by mortgage lenders, journalists, borrowers and other parties to gain insight into the current costs of getting a home loan, the current pricing environment, and the overall climate for mortgage rates, as well as to identify trends in the mortgage market.
Developed after examining traditional indices of mortgage rates and discovering flaws in their approach and resulting information, the LoanSifter AMRI leverages the LoanSifter database through the daily mining of real-time rate searches to create a set of residential loan rate data charts on what rates are offered in the marketplace.
“Current mortgage rate indices are useful, but they do not provide an accurate reflection of what is happening in the market in real time,” said LoanSifter President Bruce Backer. “In addition, other market tools ignore the variation that exists among borrowers in their willingness to pay points or closing costs, as well as the differences in characteristics of loans and borrowers. The LoanSifter AMRI provides all this and more, giving the mortgage industry a much more complete view of the realities of the market as they happen. Meanwhile, consumers get a closer view into the costs of currently available loans.”