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Fed Raises “Discount Rate”; Headlines Lag the Market – Can Mislead

Interestingly, after rates spiked sharply yesterday, the banner headline in the business section of our local newspaper read: “Mortgage Rates Down…”. When newspapers report mortgage rates, their data almost always lags the market by one or more days, so it is wrong about 50% of the time. This is significant b/c it misleads our borrowers so often; they frequently call us looking for the “lower rates” they “read about”, when in fact rates went up. I am sure we will get at least a half a dozen of those calls today.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167