Optimal Blue, a secondary marketing automation platform provider, announced the release of a new interactive pricing index for the mortgage market.
The company explained in a release that it created Optimal Blue Mortgage Market Indices, or OBMMI, to provide consumers and mortgage professionals with better visibility into the drivers of mortgage pricing by providing daily insight into observed mortgage transactions.
The indices are based on locked rates with consumers across more than 30% of all national mortgage transactions, according to the company.
“This is an important milestone in Optimal Blue’s transformation from a pricing engine to a digital mortgage marketplace,” Scott Happ, CEO of Optimal Blue said. “We are uniquely positioned to introduce these new benchmarks and trust they will be of value to a broad range of participants looking for transaction-based mortgage price data.”
Optimal Blue explained that the multiple mortgage rate indices were developed around popular mortgage loan products and specific borrower attributes. There are 16 indices and each are represented with the national average of mortgage rates locked by consumers each day and include the change from the previous day.
“Complete with the industry’s largest product and pricing library and backed by an unparalleled commitment to accuracy, Optimal Blue’s platform ensures that consumers are presented with the best-fit financing alternatives and that lenders consistently deliver the best price. OBMMI will help both audiences better understand trends and pricing in the mortgage market,” said Bob Brandt, VP of Marketing and Strategic Alliances at Optimal Blue.
Here's a look at the indices (click to enlarge, image courtesy of Optimal Blue):