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This recent clip comes from my local paper's business section. It exemplifies why researching mortgages can be confusing (and annoying). We look to our newspapers to tell us the truth; to provide indisputable facts.
In this case, the paper misses the mark.
Aside from the spelling mistake in the headline (!), it looks like the local editors pulled irrelevant, stock copy written several years ago. As we've shown here and here, the 10-year treasury note and mortgage bonds move to the beat of their own drum.
Rates for the 10-year treasury do not correlate to mortgage rates from day-to-day.
There's a reason why everyone from first-time home buyers to bona fide investors hate the mortgage process -- the media tells them one thing about mortgage rates, and in-the-game loan officers tell them something else.
The reason this happens is because mortgage rates and guidelines are fluid -- too fluid for even most loan officers to keep up. It's why you should to question the mortgage news you read in the papers -- beat writers just can't keep up with the pace of change these days.
The best way to get your mortgage market news, therefore, is to go to the source. Talk to loan officers and ask good questions. Read blogs, follow twitterstreams, or whatever -- just make sure your source is someone in the business. And, if you need some follow up, you can always call or.
I answer my own emails and would be happy to help.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
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