Mortgage Rates Are Higher (Not Lower) Versus Last Week

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Posted To: Mortgage Rate Watch

Mortgage rates walked back a decent chunk of their recent improvements today. This claim runs counter to almost any other coverage you’ll see, but I’m right and they’re wrong. Actually to be fair, I’m right in a timely way and they’re right in a not-so-timely way. At issue is the weekly release of Freddie Mac’s mortgage rate survey, which only captures responses from the first half of any given week. Big market movement from Wednesday afternoon through Thursday morning is never represented in the Thursday release. Despite that, media outlets rely heavily on Freddie’s data to craft their customary once-a-week mortgage rate pieces. Today’s examples include multiple iterations of “the lowest rates in 3 years,” etc. It’s true that rates were at their lowest levels in 3 years, but it was only true…(read more)

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