The expression “mortgage rates” made it last week onto Hitwise’s list of fast-growing searches on major search engines, like Google. I mentioned this earlier in a brief link, but I now have more data via Hitwise.
The uptick was undoubtedly driven by the Fed’s surprise rate cut, so here were my questions to the folks at Hitwise:
- Has “mortgage rates” ever been on the fast-moving search list before?
- What is the historical trend for that search?
The answer: “mortgage rate” has not made the search hot list in the last few years. That should be unsurprising, given the list’s more typical dominance by sports and entertainment news. Sure, financial apocalypse and the collapse of capitalism is fun, but it understandably pales in importance against the return of Dana Jacobson to ESPN.
At the same time, the 4x spike in search traffic drives home how anomalous last week was, and how much pressure people are demonstrably feeling. And it also reinforces that rising rates in mortgage markets, despite the Fed cuts, aren’t doing anything to relieve the mortgage pressure out there.
Here is a graph of searches for “mortgage rates” over time. Notice the wild (relative) spike last week:
Relatedly, this sort of rich and unusual market insight is precisely why I have Bill Tancer of Hitwise speaking at Money:Tech next week in New York. Are you going? Good. And if not, why not? It’s going to be great.
Update: A few people have written to say they would love to come to Money:Tech, but price is an obstacle. Okay then, I’ll make five free tickets available to the first five readers to respond at the above email address. 1-2-3, go!