Mortgage Rate Losing Streak Loses Steam; Good Housing Data; What Conspiracy Theory?

Mortgage Rate Losing Streak Loses Steam; Good Housing Data; What Conspiracy Theory?

Mortgage rates were just barely higher today, greatly decreasing the momentum in a now 3-day losing streak. The timing of these movements is important as it relates to Freddie Mac's widely disseminated mortgage rate report. Freddie's weekly rate report is gospel, and indeed it's very accurate given the limitations of its methodology. Sometimes those limitations come to the surface and create confusion. For instance, Freddie is reporting mortgage rates at the lowest levels since May. The catch is that Freddie's data never includes Thursday or Friday rate sheets, and rarely captures Wednesday movement. That matters because Thursday and Friday of last week were the actual 3-month lows ( as we discussed last week ). That means that this week's Freddie survey is being measured against rates that