Beware Today's Mortgage Rate Articles

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Posted To: Mortgage Rate Watch

Almost any article you see today on mortgage rates will say the same thing: "rates are roughly unchanged from last week." Almost every article would be wrong , or at the very least, misleading. It is, by no means, the intention of those articles to mislead you, it's the unfortunate byproduct of the methodology behind the industry's most prevalent weekly mortgage rate tally. Freddie Mac puts out a report on Thursdays that compares this week's rates versus the previous week. The survey period runs from Monday through Wednesday. Most of the responses come in on the first two days, meaning the data is heavily skewed toward whatever rates were on those days. Problems arise when big changes happen on the last 3 days of the week--ESPECIALLY if Monday and Tuesday were also outliers in the previous...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/546366.aspx

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