Mortgage rates were sharply higher today, with the average 30yr fixed rate quote rising by almost an eighth of a percentage point in some cases. A move of that magnitude in one day is the sort of thing that only happens a few times a year. Surprisingly, a multitude of headlines claim that rates are sharply LOWER this week. What gives?!
If you happened to catch yesterday’s rate commentary, you already know where this is going. There’s an over-reliance on the part of major media outlets (and even in some corners of the mortgage industry itself) on the weekly mortgage rate report from Freddie Mac. Freddie is transparent about the limitations of its data. They’ll be the first to tell you that most of the responses come in on Tuesday and that responses are only collected on the first 3 days of the week.
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Source: mortgagenewsdaily.comNew feed
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