This Weeks Actual Mortgage Rates

Mortgage Surveys Aren't Helpful Until They're Real-Time

Video Transcript

Mortgage rates. They’re real-time. Mortgage rate surveys. They’re not.

And that creates confusion because we see somewhere what this week’s average mortgage rate happens to be, we have to train ourselves to ignore it, because buyers of homes don’t get an average weekly mortgage rate – they get the rate that exists right now. As in, this very minute.

And even then, it can be hard to know what rate you’re going to get.

Because mortgage rates are based on a more than a dozen factors including where you’re buying, what you’re buying, how you’re buying, and even what you think your moving date will be.

And yes, you can always ask for a ballpark figure or a range in which mortgage rates might be given your specific journey, but until you’re under contract to buy with an address, a loan size, and closing date, it’s really hard to get precise about what your rate will be.

So, ignore those weekly surveys. They’re not going to help you much except to show whether rates are generally rising or generally falling. Actual rates – the ones you sign for – are done in real-time.

Let us know what you need. We’re here to help.

Happy homebuying.

Dan Green

Dan Green

Dan Green is a former mortgage loan officer and an industry expert. He's appeared on NPR and CNBC, and in The Wall Street Journal, Bloomberg, and dozens of local newspapers. Dan has helped millions of first-time home buyers get educated on mortgages, real estate, and personal finance. Have mortgage questions? Ask Dan in the chat.

Subscribe to our Newsletter

Receive real estate and mortgage news by email weekly. Personalized for you & your specific homebuying goals.