It’s amazing how often I come upon this error when proofreading book manuscripts! In fact even my husband gets this one wrong.
I suppose the confusion comes about because of the “oo” sound in lose. It sounds like “oo” but is spelt as “o” so most people see “loose” and assume it must say “l-o-o-z-e.” What they don’t realize is that in loose the “s” makes an “s” sound, while in lose it makes a “z” sound.
English sure is a funny language! How about “Featherstone-haugh” which is pronounced as “Fan-shaw”? My grandmother (who passed away in 2004) taught me that one.
Thanks, Granny Celia, wherever you are…
Yours in crisp, error-free writing