Mortgage Interest Rate Update 07.24.2013

Mortgage rates came under pressure today as bond yields went higher.  Upbeat data helped pushed yields to a 2 week high.  The Fed Chairman recently stated that if interest rate markets remained volatile it may cause the Fed to act.  Today’s move will not trigger this however if the volatility were to continue over the next weeks and yields went higher it would not be surprising to see the Fed step in to pus yields back down.  Refinance and purchase activity has slowed down significantly over the last 4 weeks and this will put a damper on August and September’s data reports.  Some lenders are reporting 60-70% drops in volume.