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Rather than rely on the media to provide accurate information regarding interest rates, consumers should call a mortgage professional they trust. Most news commentators are not experts in the mortgage industry and often pass on information that is inaccurate or is old news. Mortgage rates change daily, sometimes several times a day depending on the volatility of the financial markets. Yesterday was a good example of how volatile the financial markets can be, in the morning the stock market was down more than 300 points, investors moved funds into bonds which helped lower mortgage rates. In the afternoon the stock market reversed its losses and ended up 300 points, a 600 point gain, investors moved out of bonds, increasing mortgage rates dramatically.

While listening to the news today, the commentator quoted rates based on the events of yesterday morning rather than what had occurred over the past 24 hours. The media is into sensational stories and not so much about reporting current information. The problem with untimely reporting is that the general public believes what they have heard on the news rather than what is real. If you desire accurate information, rely on someone who dedicates their life to their profession, not someone who gets paid to read a story.