LoanSifter, Inc has launched the LoanSifter Available Mortgage Rate IndexT (AMRI), the mortgage industry's first complete, real-time mortgage rate index and the only 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 that are used to create a set of residential loan rate data charts on what rates are offered in the marketplace. Traditional mortgage rate indices often derive their datasets using a weekly survey that uses claimed mortgage rates.
"Current mortgage rate indices are useful, but they do not provide an accurate reflection of what is happening in the market in real time," LoanSifter President Bruce Backer said. "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 gives 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."