Mortgage brokers can now access swap rate data for free under a partnership between Next Intelligence and BlueGamma.
The Swap Rate Monitor service will give brokers direct access to market data that influences lenders’ pricing decisions.
The new service sends daily SONIA swap rate updates, using BlueGamma market data, directly to brokers’ inboxes, eliminating the need to manually monitor multiple sources.
The service is free for Next Intelligence Mortgage Club members.
Next Intelligence said the swap rate information will help brokers better
Understand lenders’ funding costs, the immediate market movements that often come before lenders reprice, and help better advise clients on the likely direction of fixed mortgage rates.
“Mortgage brokers operate in a market where lenders’ funding costs have never been more understood,” said John Kubis, managing director of Next Intelligence.
important. By putting daily swap rate data directly into advisors’ inboxes, we help brokers make more informed decisions and communicate market movements with greater confidence.
“SONIA’s daily two-, five- and 10-year swap rates, compared to previous weeks and months, will give mortgage practitioners an easy way to see what’s happening now and stay on top of client conversations.”
“I think it’s very valuable,” said Wayne Gray, managing director of DMI Finance. “Going back five or 10 years ago, brokers weren’t aware of swap rates, and they often didn’t have to be. Nowadays, interest rates last a lot less time.”
“This service allows us to forecast lender rates and ensure we are alerting customers to potential changes in mortgage rates much sooner, rather than just responding to lender advertisements.”
Ali Vohra, CEO of BlueGamma, said: “Lenders set fixed mortgage interest rates outside of the swap market, but this data has mostly remained on trading screens.
“We give brokers the same rates that treasury teams use, in a format they can read in 30 seconds and explain to the client.”
For more information or to register for the Next Intelligence Swap Rate Monitor, visit the website at www.nextintelligence.co.uk.
