I kinda wondered about this before, but I wonder if he was using the Average loan %. Article here says that the average home loan percentage was 5.22% last week.
“Fixed 30-year mortgage rates averaged 5.22% in the week, down from 5.24% the previous week and 4.89% in early January, the MBA said”
While Mr Morgage was still wrong (it isnt 5.5%)from what I can tell, the average is up about a third of a point from its lows.
