Mortgage rates¬†are¬†right in line with yesterday's levels,¬†and yesterday saw rates fall at the fastest pace of the year, ultimately reaching the lowest levels in more than a week. ¬†As such, today's rates are still the lowest in more than a week! ¬†You might not know that if you happened to hear about rates today from a big media outlet. ¬†Most are reporting the "highest rates of 2017." ¬†Here's why that's happening.
Freddie Mac publishes a weekly survey that's generally regarded as the final word in long-term mortgage rate tracking. ¬†If you were only interested in long-term trends in rates, the survey would suit you very well. ¬†It's tremendously accurate over the long haul. ¬†If, however, you're interested in¬†day-to-day¬†or even week-to-week movements, the survey numbers can often give false impressions. ¬†This happens because most of the responses (where loan originators tell Freddie what rates they're quoting) come in on Monday and Tuesday. ¬†As such, it would be more accurate to think of Freddie's rate survey as a Mon/Tue vs Mon/Tue number, rather than a week-over-week number....(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.[img]http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=718226