Mortgage News Daily provides the most extensive and accurate coverage of the mortgage interest rate markets. Get daily updates on the primary mortgage market and how it is affecting interest rates. Stay connected and INFORMED!
Mortgage rates moved much lower this week with another strong move today. As we discussed yesterday, this is certainly at odds with the prevailing news coverage, which continues to focus on yesterday's Freddie Mac survey. Here's a link to yesterday's article, or you can take my word for it that Freddie's survey is now outdated. Or you could just forget all that and consider the following. At several huge, "household name" lenders, the upfront costs on a 30yr fixed quote of 4.75% are now the same as they were for 4.875% just a few days ago. That's a strong week by anyone's standards, and it brings today's rates in line with the lowest of the past several weeks. Whether or not the strength persists, remains to be seen . We'll be waiting at least until next Tuesday to get any clues as markets
Mortgage rates moved lower again today, bringing them to the best levels in at least 2 weeks. This assertion is very much at odds with the prevailing mortgage rate headlines today. News stories abound with talk of sharp increases to fresh 7-year highs (google news search if you don't believe me), yet nothing could be more of a disservice to the demographic that typically looks for mortgage rate news (people who are in the market)! If you are indeed in the market or otherwise have a vested interest in day-to-day mortgage rate fluctuations, you need to understand that all those news stories are based on Freddie Mac's weekly rate survey, and that Freddie Mac is wrong . To be fair, it's not so much "wrong" as it is " late ." Unfortunately, Freddie's survey typically captures lenders' claimed rate
After quite a bit of volatility and a move up to 7-year highs last week, mortgage rates have managed to avoid any semblance of drama so far this week. In fact, each of the past 2 days has seen the average lender keep 30yr fixed rates perfectly in-line with Friday's latest levels. The worst that could be said of these rates is that they're very close to last week's highs. The second worst thing that could be said of these rates is that they're the latest in a series of gradual moves higher over the past few years. The general expectation is that rates can continue to move higher as long as the economy continues to tolerate higher borrowing costs. Mortgage lenders know that we are now in a rising rate environment. That means they're less likely to offer huge improvements on rate sheets unless
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