Mortgage Rates Are Actually Lower This Week

Posted To: Mortgage Rate Watch

Mortgage rates moved a bit lower today, on average, but that’s not what most of the mortgage-related headlines are saying today. Reason being, journalists and even many mortgage market participants rely heavily on Freddie Mac’s weekly survey for a regular update on mortgage rate trends. The survey says rates are slightly higher. That was a true story a few days ago, but it’s old news at this point. Freddie’s survey mostly tracks Monday’s and Tuesday’s rates and it completely ignores Thu/Fri rates. In the current cycle, last Thursday was the worst day in a long time (by far). It wouldn’t have taken much of a recovery for rates to be lower this week, even though they remain higher than they were at the beginning of last week. Compared to Thursday and Friday, however, the average lender is in…(read more)