Most Mortgage Rate Headlines Are Wrong Today

There are quite a few more new stories than normal about mortgage rates today.  Most of them are wrong.  This one is not, and it’s pretty easy to see why.
Freddie Mac releases its weekly mortgage rate survey every Thursday morning.  The survey accepts responses from Monday through Wednesday, but based on a comparison of day-to-day rates versus the survey numbers, it would appear Monday’s rates get most of the weight, Tuesday’s slightly less, and Wednesday’s almost none.  In other words, the survey has historically compared Mon/Tue rates to Mon/Tue rates.
That’s not a problem if that was made more clear by the throng of journalists that cite the survey as the definitive word in week-over-week rate movement.  As it stands, however, we have headlines unequivocally proclaiming mortgage rates are at all-time lows “right now.”  …(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