It’s Thursday and thus time, once again, for the weekly mortgage rate survey from Freddie Mac. Over time and in the bigger picture, Freddie’s survey is an accurate way to track broad trends in rates. But because it primarily captures market movement that occurs in the first 2 days of any given week, and because that movement isn’t reported until Thursday, the numbers can lag up-the-minute reality.
For those interested in up-to-the-minute reality, there’s good news aboutÃ‚Â mortgage ratesÃ‚Â today. Ã‚Â Freddie’s survey shows a decline of 0.12%. Ã‚Â That’s an uncommonly big week-over-week drop. Ã‚Â Accordingly, many major news outlets are reporting the 0.12% drop. Ã‚Â The good news is that rates improved so much today (a day not counted in Freddie’s numbers) that, if nothing changed by next week, Freddie’s survey number would drop by nearly 0.12% AGAIN. Ã‚Â