Posted To: Mortgage Rate WatchMortgage rates hit their lowest levels of the month today! Sure, that’s only 10 business days for the mortgage world, but we’ll take every little victory we can get these days. Why is that? Because “these days” have been pretty rough. Exactly one week ago, rates were at their highest levels in nearly 8 years. The assertion about today’s rates runs counter to quite a few news stories. Major media outlets are reporting rates as being ‘unchanged’ this week. That wasn’t necessarily incorrect until today. In those cases, reporters are relying on Freddie Mac’s weekly survey data. The survey only collects responses from Monday through Wednesday and the results tend to over-represent Monday and Tuesday’s rates on any given week. Long story short, as of yesterday, it would have been fair to say rates…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631