Rates Spike to 5-Month High; Pending Sales Rise; Blame Student Loans for Housing Trends? Not So Fast!
Mortgage Rates are much higher today, regardless of anything else you may have seen. Why am I alluding to other things you may have seen? Because it's Thursday--the day that Freddie Mac publishes its weekly mortgage rate survey, which is subsequently used as source material for most major media outlets. A barrage of similar headlines about any topic would tend to give the impression that something is true, but nothing could be further from the truth today. Not only have rates not moved any lower this week, but today specifically, they're sharply higher . The discrepancy is a result of Freddie's methodology, which invites responses over the first 3 days of any given week, with a majority coming in by Tuesday. As such, the survey tends to compare Mon/Tue rates from this week to Mon/Tue rates
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