Mortgage Interest Rate Update 08.22.2012

Mortgage rates bumped up roughly 0.25% the last few weeks but appear to be reversing course.  Taking a cue from stocks, the bond market has put in a top on the raising yields however it could be temporary.  Today we are seeing bond yields drop in a fairly substantial rally.  California refinance rates, and purchase loan rates, are  still above the lows seen several weeks back but we are optimistic we will start to see some improvement in rates over the next 5-10 days.  Mortgage applications have decreased nationwide and lenders are starting to see a drop in volume.  Those looking to do refinance their home can still obtain rates that are generally equal to or lower than what the market was providing last year.