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Don't Be Fooled By Today's Mortgage Rate News

Let’s keep this short and simple.  There are some major misconceptions out there today and for many of you, it’s very important to address them.  What are the misconceptions?
Misconception 1: Rates are lower today than they were yesterday
This one is very easy to clear up.  It’s a frequent Thursday occurrence, actually.  It stems from the weekly release of Freddie Mac’s mortgage market survey which admittedly only collects responses on Mon-Wed.  In other words, if rates were lower on Mon, Tue, Wed this week compared to the same 3 days last week, Freddie’s survey will say as much.  From there, the scores of journalists who rely on this survey for their weekly mortgage rate coverage will pump out headlines that neglect to mention the Mon-Wed caveat.  The net effect is that Today’s rates could be higher than yesterday’s (and they certainly are) despite multiple news stories printed today saying the opposite.  …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed

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