6% Mortgage Rates Are OLD News

Freddie Mac’s weekly mortgage rate survey finally hits 6% for the first time in 14 years. Freddie Mac survey data is frequently stale and occasionally misleading, but it’s nonetheless a mortgage industry institution. Today’s rates, specifically, set another new 14-year high. The following chart shows how actual daily rates have fared over time versus Freddie and MBA rates. The daily rates are typically higher at times when “points” are involved in securing the best rates (thus allowing for an apples to apples comparison with any other point in the past).

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