Posted To: Mortgage Rate Watch

Many of today’s mortgage-related headlines are touting “new all-time lows,” but there are significant caveats. The biggest caveat would likely be the fact that the average 30yr fixed rate is actually nowhere near its previous all-time lows! So why are there so many headlines saying otherwise? Issue 1: Freddie Mac’s Weekly Rate Survey Freddie conducts the longest-running weekly mortgage rate survey in the biz. If you’re not worried about nitty gritty details or day to day movement, it’s plenty accurate and consistent. That’s why the industry and news media have grown to rely on it for a quick, rough take on mortgage rates every Thursday morning. The problem with Freddie’s survey is that it’s a quick rough take every Thursday morning. It doesn’t go into nitty gritty detail–the kind that could…(read more)

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Source: Mortgage News Daily