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.
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Home buyers snatched up properties for sale in May as housing made its v-shaped recovery.