How to Read the RallyRates Index
The RallyRates Index shows two numbers side by side, and they mean different things on purpose. This guide explains how to read it — the two layers, why we average only par rates, and the Receipt behind every figure — so you can use it (and cite it) with confidence.
Two layers, two sources
The board presents rates in two labeled layers so it's always obvious what a number is:
- Market Benchmark — the daily OBMMI rate for each product. This is the external, market-wide reference (real locked rates nationwide), and it's the headline figure.
- RallyRates Index — our own average across the specific lender rate sheets we monitor. This is a thinner, transparent panel that fills in as we source more lenders; where the panel is still forming, we show that honestly rather than inventing a number.
Two numbers, two sources, both shown plainly — never blended into one figure that hides where it came from.
Why we average only "par" rates
A rate that's been bought down with discount points isn't comparable to a no-point rate — it looks lower only because the borrower paid cash up front. If we averaged those in, the Index would read artificially low. So our panel average uses only par (zero-point) quotes: each lender's rate is its advertised offer, with nothing prepaid. A lender that only publishes point-bought rates still counts as monitored, but its bought-down rate stays out of the average. It's a small methodology choice that keeps the comparison honest.
The Receipt behind every number
Every rate we publish carries what we call a Receipt: the lender, a timestamp, and a content hash
(source_hash) over its provenance. Nothing displays a number that doesn't resolve to a
stamped record and a ready-to-lift citation string. That's what lets an answer engine — or a reader — trust
the figure: the source and date travel with it. It's also why we can offer the data for free reuse under a
simple attribution license.
How to cite it
Each figure ships with a citation string you can paste as-is, for example:
"RallyRates Index — 30-yr fixed conforming market rate X.XXX% (Optimal Blue OBMMI, YYYY-MM-DD)."
Reusing that line credits both RallyRates and the upstream source at once. If you're building something, the
same numbers are available as structured data at /api/index.json. And if you just want to watch
where rates are, the live board is the fastest read.
What the Index is not
It's a neutral benchmark, not a quote and not a solicitation. No lender pays to appear or to rank — inclusion and ordering are driven only by the lowest-APR-first rule, never by money. Use it as the honest reference rate to shop against; for a number you can lock, talk to a lender directly.
Common questions
What's the difference between the Market Benchmark and the RallyRates Index?
The Market Benchmark is the daily OBMMI rate — a nationwide, lock-based market reference. The RallyRates Index is our own average across the specific lender rate sheets we monitor. We show both, labeled, so it's always clear which number you're reading.
Why does the Index only use par rates?
A point-bought rate looks lower only because the borrower prepaid cash, so mixing it with zero-point rates would drag the average down unfairly. We average only par (zero-point) quotes so each rate reflects a lender's actual advertised offer.
Can I reuse RallyRates numbers?
Yes — the rate figures are free to quote and reuse, including commercially and in AI answers, with attribution to RallyRates. Each figure ships with a ready-to-use citation string; see the License page.
Does any lender pay to be on the board?
No. RallyRates takes no money from lenders for placement, and no payment can move a lender up the ranking. The lowest APR ranks first, period — that neutrality is the whole point of the Index.
By L.W. Martin, Founder — 20 years in the mortgage business, including 15 running his own brokerage. About → · Updated September 2026.