<\/p>\n
There is no singular, official primary source for mortgage rate levels. The going rate is whatever can be locked\/closed at any given lender. As such, we rely on surveys and data aggregations in order to routinely monitor the probable going rate.\u00a0<\/p>\n
The longest-standing weekly survey from Freddie Mac was updated today and, while it showed a decline to the lowest levels since October 2024 (something we agree with), it is too slow-moving to reflect the current reality. Freddie’s survey showed 6.56% today, and this would be based on the average of the 5 days from last Thursday through yesterday.\u00a0<\/p>\n
MND tracks daily rates based on objective rate sheet data from multiple lenders. We had the average top tier rate at 6.62% last Thursday, but it has fallen since then. To be precise, it fell quickly on Friday after Fed Chair Powell’s speech at Jackson Hole. From there, we’ve been in a narrow range this week, but each of the past 3 days have seen a modest tick lower.<\/p>\n
The net effect is an index level of 6.50% today–the lowest we’ve seen since October 3rd, even if only a hair lower than yesterday.<\/p>\n
It’s important to understand what 6.50% means in the context of our index.\u00a0 To paraphrase our methodology, this is a best-case-scenario rate that assumes a 780+ credit score and 25% down payment on an owner-occupied purchase loan within the conforming loan limit. 6.50% would be a competitive average. Some lenders will be higher and lower–especially if buydown points come into play.<\/p>\n
The rate itself is rather unimportant when it comes to our index (or any index).\u00a0 It’s merely a reference point relative to the past.\u00a0 With that in mind, all that matters is that our reference point is at another longer-term low.\u00a0 Being able to say “6.5” is just a fun little bonus.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
There is no singular, official primary source for mortgage rate levels. The going rate is whatever can be locked\/closed at any given lender. As such, we rely on surveys and data aggregations in order to routinely monitor the probable going rate.\u00a0 The longest-standing weekly survey from Freddie Mac was updated today and, while it showed […]<\/p>\n","protected":false},"author":1,"featured_media":1466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1301,1302,1303,154],"class_list":["post-1465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan","tag-30yr","tag-fixed","tag-officially","tag-rates"],"_links":{"self":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/1465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/comments?post=1465"}],"version-history":[{"count":0,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/1465\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media\/1466"}],"wp:attachment":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media?parent=1465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/categories?post=1465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/tags?post=1465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}