Who's Lying About The Spike in Mortgage Rates?
Posted To: Mortgage Rate Watch
As recently as Thursday, news outlets were reporting mortgage rates had only risen modestly this week with 30yr fixed rates still well under 3.00%. In fact, they were already well over 3.00% by then. So who’s lying to you? Perhaps no one! Thursday’s news fell victim to the oldest trick in the mortgage rate reporting book. Well, it’s not a trick so much as a pitfall , but it’s surprisingly common given how easy it would be to avoid. The issue centers on Freddie Mac’s weekly mortgage rate survey. As the name suggests, this is an actual survey that’s sent out to thousands of originators over the weekend. Responses are accepted through Wednesday, but a majority of responses are in by Monday morning. Results aren’t released until Thursday. This isn’t a problem when rates remain relatively flat between…(read more)