It was potentially very boring or interesting day of mortgage rates, depending on where you get the news from and how tuned you were to yesterday’s news. In fact, rates have been climbing to new multi-year highs every single day this week. Today was no exception, but it was the smallest move – so small that several creditors were in a slightly better position.
The notion that any lender is in a slightly better position is true amazing for those who receive mortgage rate news from any source with a link to Freddie Mac’s Weekly Rate Review today. In short, the Freddy survey is the industry standard for tracking mortgage rates weekly, but unfortunately, stale in many cases because of its methodology.
Because the Freddie Poll still appears to reflect some of the data from Friday, March 4th in the previous edition (the one that came out on March 10th), in the current edition (which mostly measures rates on Monday, the 14th) there were many grounds for compensation. today’s release time. Indeed, it was the biggest weekly jump since 2017 and one of the 4 biggest jumps in over a decade.
For those who follow daily rate changes, Freddie’s +0.31 a 30-year increase in fixed rates is old news. Adjusted for 0.8 points of historical cost in the survey data, the effective “no points” rate would be closer to the 4.41% we reported on Monday. Since then, the median age of 30 has risen another 0.09%, eventually reaching 4.5% today for the first time since March 5, 2019. In other words, we now officially have the highest figures in 3 years.