Posted To: Mortgage Rate Watch

For some unknown reason, there were additional articles over the weekend touting ” all-time low mortgage rates.” Underpinning these alleged rates is primary data that was released on Wednesday and Thursday last week. In short, the two weekly survey-based mortgage rate indices agreed that best-case-scenario rates were at all-time lows. To be fair, they’re not terribly far off base. “Best-case scenario” rates are indeed pretty close to all time lows. The methodology limitations of the surveys could easily explain how they each missed the actual all-time lows that occurred in early August and are thus seeing slightly lower rates now. But do keep in mind that a refinance transaction can no longer be viewed as a best-case scenario due to the new adverse market fee applied to all almost all refis…(read more)

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Source: Mortgage News Daily