As Matthew Graham reports;”There are many different ways to track mortgage rates and several different sources quoted in the news.  For decades, the most prevalently-quoted source has been Freddie Mac’s weekly primary mortgage market survey.  It consists of a questionnaire sent out to loan officers at the beginning of every week.  They can respond as late as Wednesday, but the responses are heavily front-loaded (most respondents simply fire right back when they see the email).

As such, Freddie’s weekly rate survey, which is reported every Thursday, is best thought of as measuring the change in top tier mortgage rates from one Monday to the next, perhaps with some Tuesday influence sprinkled in.  That’s fine on weeks where there isn’t much volatility, but it can end up sending very mixed messages otherwise.  Much of 2022 has been “otherwise” and today is not only no exception, it’s probably the starkest example.”

Matt Carter this morning for Inman:

“The prospect of more severe Fed tightening has spooked bond market investors, pushing rates for conforming 30-year fixed-rate mortgages above 4 percent for the first time since December 2019, according to a daily index of rate lock data compiled by Optimal Blue.

The Optimal Blue Mortgage Market Indices also show that while first-time buyers seeking FHA-backed mortgages can expect to pay even higher rates, lenders are offering discounted rates on jumbo loans that are too big for purchase by Fannie Mae and Freddie Mac.”