Mortgage rates just posted the biggest monthly drop since 1981!!!

[the MfM]

Freddie Mac’s Newly Enhanced Mortgage Rate Survey Explained

To ensure that Freddie Mac’s Primary Mortgage Market Survey® continues to provide high-quality information on the mortgage market, we are making new enhancements to our methodology.

www.freddiemac.com

 

[FSH 210 Sport]

So what’s the drop? From what to what to what? The linked article is quite wordy with very little specifics in terms of actual current rates, and the fact the fed reserve just increased rates again is interesting

 

[Jim_in_Delaware]

Other news sites reported a 30-year average rate drop to 6.61% from 7.08%.

Jim

 

[FSH 210 Sport]

Thanks Jim!

 

[the MfM]

But the point of the linked article is that the methodology to calculate the rate changed this month.

so the reported drop in the rates may or may not be accurate.

 

[FSH 210 Sport]

But the point of the linked article is that the methodology to calculate the rate changed this month.

so the reported drop in the rates may or may not be accurate.

Exactly. I couldn’t come up with a tactful way to say that…. Kind of like when “they” changed the way unemployment is calculated in 1994… by eliminating the G7 number

 

[Robbyw]

Still double what it was 2 years ago

 

[Jim_in_Delaware]

Also, half of what it was in the early 80's!

Jim

 

[crazy4life]

Mortgage rates have not been this high in 20 years. My neighbor had a 16.6 rate in 1980 and I thought that was nuts.

Mortgage Rates History

Mortgage rates have fluctuated dramatically in the last 50 years of recorded data by Freddie Mac. While rates peaked at 7.79% in October 2023, this still pales compared to the spikes in the early 1980s when the 30-year fixed rate exceeded 18%. Rates are often a reflection of what’s happening in t

www.forbes.com