Thursday, January 31, 2008

Version 2.1.3: New average rate

First - please let me know if you have any issues with this install. I have changed an underlying component that should not impact anyone... but since there are so many window's configurations ... never say never.

I have been placing the average rate on the listing detail page and the listing search page. This of course gives you guidance on the listing's interest rate to determine if you are getting a good rate.

However, I have used Prosper's rolling 30 day average rate which I have long felt was flawed. This rate is based on huge loan buckets, $1000-$5000 and $5001-$9999 and $10,000-$25,0000. In case you don't want to do the math, that is a $15k spread on the large loans and about $5k on the other ones.

To me there is a huge difference between a $10k listing and a $25k listing.

I have added to my Market Analysis popups the average rate for loans that are similar to the listing. So click on the Broad, Specific, Narrow, etc. magic wands and you will see the average lender rate based on that criteria. This will give you a much more realistic average rate.

I utilize Prosper's marketplace performance page to get this info. So sometimes the Specific selection will not return an average rate if the marketplace performance page has none. Use the Broad in this case.

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