Mortgage rates may have managed to hold steady to slightly lower, but it’s important to understand that today’s rates are still significantly higher than Tuesday’s. In fact, there have only been two days with higher rates in the past two months and yesterday was one of them.
This assessment runs counter to today’s weekly Primary Mortgage Market Survey from Freddie Mac, which characterized rates as being lower this week. This can happen because of the fact that Freddie accepts weekly survey responses from Monday through Wednesday and receives most of those responses earlier in that time window. That means that if rates jump significantly on Wednesday or Thursday that Freddie’s average 30yr rate can move in the opposite direction of the true week-over-week change in mortgage rates, as is the case today. You can view a chart that compares Freddie’s survey as well as the MBA’s to our more timely collation of actual lender rate sheets at the following page: