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Do Banks Keep Track Of Their Competitor’s Mortgage Interest Rates?

By Stacy Williams

Three Need-to-Know Truths for Mortgage Seekers in Today’s New Lending Markets: Do Banks Keep Track Of Their Competitor’s Mortgage Interest Rates?

Recent changes in the lending markets confuse the average home buyer. The interest rates that banks offer need not be complicated. You don’t need to be in the dark if you are looking for a mortgage loan. Here are three truths you need to know concerning interest rates on mortgage loans that answer the question: Do Banks Keep Track Of Their Competitor’s Mortgage Interest Rates?

Banks Provide Services to the Community

Banks are in business to make a profit. Their profit comes from providing banking services to the community, services that homeowners and savers are looking for. The definition of a bank is to provide lending, savings, and checking services to its primary community.

Banks Need to Remain Competitive

In order to provide banking services, a bank must remain competitive with neighboring banks. Providing too high of an interest rate on a mortgage loan will keep customers away. Offering too low of a rate causes imbalances on the balance sheet.

Banks Are Not Out to Get You

There is a lot of bad publicity concerning banks. Banks are not the bad guys. Some banks have gotten off track with their mission, but the majority of banks offer good services at reasonable rates, providing their communities with relevant services.

Do Banks Keep Track Of Their Competitor’s Mortgage Interest Rates?

To ensure that their services are competitive and relevant to the community, banks do keep track of their competitor’s mortgage interest rates. Each morning a bank employee “pulls” multiple rates including all of their rates and their main competitor’s rates. This allows each employee to know his or her bank is offering a good product that is helpful to consumers.

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