Mortgage Rates moved lower last week.? Whereas it was a bit easier to be dismissive about recent improvements, they’re starting to add up at this point.? Granted, we’re not talking about anything other than a return to the rates seen on November 6th, but for anyone who was rate shopping the week before, this is a welcome change.
As if often the case on Thursdays, there is a major discrepancy between much of what rates are now to what the media is saying.? Specifically, whereas I’m telling you rates are lower, the average major media outlet is saying rates are HIGHER last week.
Why does the media get it wrong on Thursdays?? Reporters are simply citing Freddie Mac’s weekly mortgage rate survey data which comes out on Thursday, but typically only captures rate quotes from the beginning of the week, usually on Monday.? That means it didn’t account for the big spike in rates on Thursday and Friday the week before, nor for the recovery in rates seen over Thursday and Friday of the current week.? As usual, if you need to know what rates are doing on a specific day, don’t rely on the media.? Call me for your accurate rate quote.