where is the best place to find how the interest rate for mortgages is
calculacted and to get the most updated rates and trends

Hi! Thanks for the question. 

The following sites are very good places to calculate interest rate
mortgages and to find rates and trends.

Rates and Trends:

Lycos:  Mortgage Quotes Center
http://mortgages.lycos.com/Mortgage_and_Finance/Quotes/index.asp 

Yahoo Mortgage Rates
http://loan.yahoo.com/m/mortcalc.html

Peachtree Mortgage Rates
http://www.mortgage101.com/partner-scripts/InterestRates.asp?p=peachtreemtg

Shears Mortgage
http://www.shearsonmortgage.com/rate_sheet.asp

Bankrate: Interest Rate
http://www.bankrate.com/brm/rates_home.asp 

http://www.bankrate.com/brm/graphs/graph_trend.asp?product=1&prodtype=M&ad=mtg&nav=mtg30year_graph
(mortgage trends)

Rate Shopper
http://www.interest.com/rateshopper/

Rate Tracker
http://www.interest.com/ratetracker/

Calculators:

Lycos Payment Calculator
http://mortgages.lycos.com/Mortgage_and_Finance/Calculators/PaymentCalc/

Yahoo Payment Calculator
http://list.realestate.yahoo.com/realestate/calculators/payment.html

Peachtree Mortgage Calculator
http://www.mortgage101.com/partner-scripts/1006.asp?p=peachtreemtg

Shears Mortgage: Calculators
http://www.shearsonmortgage.com/calculators/

Bankrate.com: Mortgage Calculator
http://www.bankrate.com/brm/mortgage-calculator.asp

Interest.com
http://www.interest.com/calculators/

Search terms used: 
mortgage calculators interest rate trends

I hope these links would help you in your research. Before rating this
answer, please don't hesitate to ask for a clarification if you have a
question or if you would need further information.

Thanks for visiting us.

Regards,
Easterangel-ga

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Request for Answer Clarification by hyram-ga on 25 Oct 2002 15:16 PDT

I should have been more clear, I was hoping for sources that were more
from  government, research organizations and non profits.  Where do
the sites you listed get thier rates from?

---

Clarification of Answer by easterangel-ga on 25 Oct 2002 15:57 PDT

Hi again. It's ok and in fact I am thankful that you asked for a
clarification first before making a rating. This time though I ask
that you be patient with me in understanding your clarification.

I understand that you want government, research or non-profit
organization sources for the rates. In the course of researching the
sources I mentioned in my earlier answer I found this article from the
Federal Reserve Bank. It mentions that Mortgage Rates are one of the
indicators of the economy. The sources of the government for this are
individual banks and they get them on a daily basis.

"Economic Indicators for Consumers"
http://www.rich.frb.org/consumerinfo/econind/?print=1

I also found that unlike commercial services government sources are
more collated but rather detailed reporting of mortgage interest
rates. In case you really need the government resource you could find
a monthly and annual summary of the rates.

MIRS/Periodic Summary Tables
http://www.fhfb.gov/mirs/mirs_downloads.htm

Since I mentioned that even the government directly get these rates
from banks, then sources to websites which gives these quotes would be
more current. The Yahoo Source and Bankrate website are the ones which
directly get these sources form banks.

"We calculate two averages:

The Bankrate.com National Index is based on a weekly survey of the 50
largest banks and the 50 largest thrifts in the 10 largest
metropolitan areas in the country.
     • These rates have been collected for 15 years and provide a
broad historical perspective on rate trends."

"Bankrate.com's Overnight Averages are the numbers that also appear
under the title: Today's Averages. These are more volatile numbers
depending on which institutions report that day. The nightly averages
can pick up day-to-day fluctuations in rates.
     • For the overnight averages*, approximately 4,000 banks are
surveyed each week in 173 markets in 50 states and the District of
Columbia."

Bankrate: Interest Rate 
http://www.bankrate.com/brm/rates_home.asp  

My other sources get their quotes from lending institutions so you
could say that these are very competitive prices as well.

In the case that you are looking for government mortgage rates and how
to calculate them, this website will come in handy.

Mortgage rates for a government (FHA or VA) home loan
http://www.mortgage-and-home-loans.com/mortgage-rates-Govt.html

The AFCU publishes daily quotes of government mortgage rates.
http://www.americafirst.com/rates/mortgage_rates.cfm?Dest=Government

I hope that my explanation and the additional information is now
sufficient to answer your question. If it is not, please just ask for
another clarification.

Regards,
Easterangel-ga

great overview of the answer I needed this researcher is an asset to your service