30yr Fixed Rates Jump to 7.07%

You may have seen other headlines today that reference 30yr fixed rates of 6.76%. Those stories would be citing Freddie Mac's weekly rate survey which is an average of the 5 business days (4 in this case, due to the holiday) ending yesterday (September 9th). Because of that methodology, the number lags reality. Today alone, the average lender moved up 0.125% in rate. In addition, Freddie no longer accounts for "points" (additional money paid upfront for a lower rate). In other words, 6.75% with one point is roughly the same rate as 7.00% with no points.  As a reminder, our daily rate index accounts for the impact of points so day to day comparisons are always apples to apples.  With all that in mind, today's average top-tier 30yr fixed rate is up to 7.07% from 6.97% yesterday and