The median home buyer credit score today is about 770, so they will do better than MND
That sounds a little optimistic too me and probably most others who have checked their own credit score. But there are as many versions of credit scores and you qualify it by including “median home buyer”. It really makes no difference however because what we are looking at in this instance is a trend measured by a specific set of criteria.
So I repeat, “Money's daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day's rates are based on the average rate 8,000 lenders offered to applicants the previous business day.”
This is a measure with a very specific set of criteria with a sample from 8,000 lenders. They just recorded a dramatic almost unheard of overnight rate increase. Whether or not this applies directly to the rates paid by others defined by a completely different set of criteria is basically meaningless. The significance is in the increase.
It is like if you were paying a dollar for an apple at your local market and overnight the price went up to a $1.25 at 8000 local markets. At Costco the price might have been $.75 for an apple and because they likely purchase from a different supplier there could be a delay in the increase or maybe none at all depending on the time of the year.
I felt the increase noted in the article was significant and worth people's attention.