Thursdays are special days for mortgage rate aficionados–or they can be anyway.  That’s when the weekly mortgage rate survey from Freddie Mac is released. 

The survey is a mainstay of the mortgage industry and the news media.  It’s been around the longest and is really the only mortgage rate benchmark the industry has.  That’s TERRIFYING considering how hopelessly inaccurate it can be at times. 

In Freddie’s defense, they are upfront about their methodology, which is the biggest part of the problem.  They send the survey out on Monday and then accept responses until Wednesday.  Based on my research comparing actual rates with Freddie’s survey over the years, a vast majority of the responses come in on Monday and Tuesday.  As such, this weekly rate survey is better described as a “Monday mortgage rate survey.”

 

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