Relying on the Media to tip you off on low rates? We'll see....

The last week of September was a good for mortgage bonds. Bonds picked up some steam, rates edged lower, borrowing costs did as well. Last week we had the "hangover" from that good time with rates deteriorating each day of trading the first full week of October.

But after I watch the bloodbath of a week in reference to how rates and cost are getting pushed up on my borrowers, I then read these two articles and realize that most people read the article below than read my blog. Therein lies the problem. I do this for a living and I do this every day. The journalists puts together what is assumed to be newsworthy information from a trustworthy source. If I'm telling you that 2 weeks ago, rates were improving almost daily and then I tell you they were increasing every day last week, what would danger in printing these articles:

 or even better yet:

Both of these articles were run at the end of last week, well after the rates they are referring to have been priced out of the market. so the phone starts ringing with people that I have the same conversation with every so often. "I heard rates dropped again today...." No you didn't, you read that rates dropped at some point over the last two weeks and the reporters just got the numbers from Freddie Mac, their "reliable source" and make no mention to the fact that the Freddie Mac numbers are referencing what WAS available last week and not what is available this week.

Keep a trusted mortgage advisor in your contact list and don't get caught up in this type or even worse, bankrate.com type "pseudo quotes." use them for what they are, bell weather for directional trends and not actual, offered, going rates as of today. You will get paralyzed with information and you need to understand the system.