Understatement : Freddie Mac Says Mortgage Rates Rose Last Week
By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Since the Federal Reserve’s November 3 press release, in which our nation’s central banker committed $600 billion to bond markets, mortgage rates have leaped, moving quicker than the news can report them. This week is a terrific example of that. Today, newspaper headlines in Washington State and around the country read that mortgage rates rose 0.06% on average over the past 7 days, and that average loan fees remain unchanged at 0.8 points. The data is based on Freddie Mac’s Primary Mortgage Market Survey, a weekly poll of more than 100 lenders around the country. Unfortunately for Washington State home buyers and other local rate shoppers, the Freddie Mac figures are low. Both mortgage rates and fees rose by more than what’s being reported. Freddie Mac’s data is not real-time. It’s out...
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