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Mortgage Rates Are Actually Unchanged This Week!

Mortgage rates moved LOWER today, following a policy announcement from the European Central Bank (ECB).  That claim runs counter to almost any other mortgage rate headline in the mainstream news because big media is in the habit of quoting Freddie Mac’s weekly rate survey.  That’s not necessarily a bad thing as long as you understand the underlying timelines.  Unfortunately, most news outlets gloss over those important details or leave them out completely.
Specifically, Freddie’s survey is heavily weighted toward responses that come in on Monday and Tuesday, even though Wednesday is also technically included.  Thursday and Friday are never counted.  That means that any rate volatility that hits during the second half of the week typically isn’t captured in Freddie’s numbers.  …(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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