Here is the link to Freddie Mac’s Mortgage Interest Survey Data.
I recommend sharing this link often b/c it is one of the best sources available to see where interest rates really are.
You might, however, also remind clients that Freddie Mac shows “average rates” only and that there are as many as 12 Factors That Impact An Individual’s Mortgage Rate.
WHY I LIKE FREDDIE’S DATA
On Thursday, August 6th, Freddie reported the average interest rate for a 30-year fixed-rate mortgage as 2.88%.
This seems like a relatively low rate until you notice that the rate is accompanied by points and fees of 0.8%.
This is why I love Freddie’s data – it makes us look good 😊.
Our rates are almost always considerably lower than “the averages,” particularly when the points and fees are accounted for.
WHY I DON’T LIKE FREDDIE’S DATA
I only don’t like Freddie’s data when it lags when the market and rates are trending upward.
This is the same concern I have about average rates getting published in newspapers, although Freddie’s is more timely.
SOMETHING ELSE TO LOVE ABOUT FREDDIE’S DATA
What I really love is the chart below that shows where interest rates have been since 1971.
This is just another enormous reminder of what a gift these low rates are – at least for now (more on this on Wednesday).
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