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Mortgage Rates Are Actually a Bit Lower This Week

Mortgage rates held fairly steady today with the average lender unchanged to just slightly higher on the day.  That’s fairly good news considering yesterday marked the lowest rates in more than a week.  Despite these facts, anyone searching the internet for mortgage rate news today is likely to encounter convincingly-worded articles claiming that rates are HIGHER this week.  So which one of us is lying to you?
In fact, no one is lying.  This is something that runs the risk of happening on any given Thursday when Freddie Mac releases its weekly mortgage rate survey.  For whatever reason, their survey methodology only solicits responses on Monday-Wednesday.  Moreover, based on years of review of Freddie’s surveys and actual lender rate sheets, the heaviest weight is given to Monday and almost no weight is given to Wednesday.  As such, yesterday’s nice drop in rates didn’t register and last week’s starting point was set artificially low because Monday was the best day of the week….(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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