Mortgage rates hit their lowest levels in a week yesterday and are sideways to slightly lower today, depending on the lender.  These facts are not well represented in the news today, where you're more likely to see stories about rates being much higher this week.  What's up with the discrepancy?

As is often the case on Thursdays, we have Freddie Mac's weekly mortgage rate survey letting us know how Monday's rates compared to last Monday's rates.  Indeed, rates were noticeably higher on Monday, week-over-week.  But it's Thursday now, and we're generally more interested in the rates that are available today compared to those seen last week.  (NOTE: Freddie doesn't intentionally measure Monday vs Monday.  That's just the way it ends up happening due to the behavior of survey respondents).

If you saw yesterday's coverage, there's really nothing new to report.  Day-over-day changes were minimal.  In week-over-week terms, today's rates are effectively down 0.05%.  The actual change one might see on a loan quote would either be 0.125% or 0.00% because lenders tend to offer rates in 0.125% increments.  The 0.05% "effective rate" change takes upfront costs into consideration.  In other words, if you're not actually seeing any change in note rates, the assumption would be that upfront costs have come down enough to equal the savings associated with a hypothetical 0.05% drop in rates.