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You weren't asking for it, but I'm going to give it to you anyway -- more proof that "mortgage rate surveys" are inaccurate and out-of-date.

Freddie Mac's Primary Mortgage Market Survey published this headline Thursday morning:

LONG- AND SHORT-TERM MORTGAGE RATES TAKE A WELCOME PLUNGE
Market Speculation About the Fed's Future Actions Allows Rates to Drop

Now, to be fair, the headline itself isn't false.  Rates did fall Monday when the government pledged its support for Fannie Mae and Freddie Mac.  The problem is that the headline ignores everything that's happened since Monday. 

Since Monday, of course, mortgage rates have been surging higher -- by a half-percent in some cases.  Rates are rising because there have been multiple signs that inflation is growing and the U.S. dollar continues to weaken.

The Freddie Mac survey, on the other hand, says that mortgage rates are lower.

Like we talked about earlier this month, mortgage rate surveys like Freddie Mac's can't be proxies for live mortgage quotes any more than newspaper-printed prices for Proctor & Gamble stock can be the price at which you buy PG.  To get an accurate quote, you have to talk to someone who can access "right-now" pricing and given the current market climate, this is an extremely important distinction.

See, since January, mortgage rates have been especially volatile, often moving more in one day than they used to move in a week.  This is because of market uncertainty and concerns about the economy. 

And, until those fears are quelled, expect the volatility to continue.

So if you're in the market for a home loan and need to know what mortgage rates are doing, or even if you just want to follow along for fun, track the mortgage market by following me on Twitter.  I post 140 characters or less a few times daily and you can have it piped right to your mobile if you want. You'll always know in what direction rates are headed.

Or, don't follow me.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.