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Mortgage Rates Highest in a Month Today; Inventories and Financial Markets Blamed for Home Sales Miss; Eerie Realization

Mortgage Rates Highest in a Month Today; Inventories and Financial Markets Blamed for Home Sales Miss; Eerie Realization

Mortgage rates continued heading higher at a fairly quick pace today, extending the move that began after yesterday's Fed Announcement. That might come as somewhat of a surprise if you've read basically any other article about mortgage rates today. Reason being, Freddie Mac releases its weekly rate report on Thursdays and the rest of the free world promptly publishes articles conveying the data. The only problem is that Freddie's rate report isn't intended to provide an up-to-the-minute glimpse at recent mortgage rate movement. It's not only of no use to consumers actively engaged in the mortgage process, but it can even be downright misleading. Freddie's data is intended as a long term tracking tool. It relies on lender rate quotes that come in mostly on Monday and Tuesday. Even if rates have
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