"Mortgage Rates Rise Again" But They Actually Went Down?????

Every day, it seems, we are bombarded with surprising news: War, economic changes, health care issues, and more. Yet, many times the story does not match the headline. That is CONSISTENTLY true with regards to mortgage interest rates.

It's not just that the real estate news press is often wrong, it is that it is systematically wrong. For example, the Washington Post reports "Mortgage rates continue to escalate, move closer to 6 percent."

Not to be outdone, CNN Business reports not only that "mortgage rates rise again" but that it is "pricing more buyers out of the market.

Yet, actually, rates went DOWN last week, from 6.03% to 5.85%. BELOW 6%!!!!

So what is happening here?

For years, when information was hard to get and protected by a few market makers on Wall Street and reported through a small group of information brokers like the Wall Street Journal, and when reporters would write an article a week to coincide with the pace of news, quas-government agencies like Fannie Mae and Freddie Mac would report the average of their mortgage sales weekly, and the press would report that number dutifully, even though the real market moved up or down. The consumer-facing press did not report the actual information which allowed the insiders to profit by buying or selling against their own customers. So, if the market moved down, like this week, they would sell, and if rates went the opposite way they would buy instruments. It would be like brokers reporting the stock price of Tesla weekly, and then taking orders and buying or selling with the actual number in front of them and not in front of the customer making their decision.

However, today, in the age of the internet, the real rate is available every day. The best place I get it, for free, is MortgageNewsDaily.com. They report the actual market rate every day all day long.

CNN's assessment is even more damning. They are claiming that an interest rate change, that already reversed itself, caused buyers to leave the market. So, did those same or other buyers come back into the market this week? Or will they be next week?

The answer is always to look at the data and compare how it applies to your case. If you are looking to sell a property, it may be a great time and you can still negotiate a great price and terms. If you are a buyer, there are fewer offers and you may be able to get your offer accepted and actually get a property!

How can I help you? Call, text, or email me.
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