Mortgage Interest Rate Update 08.26.2013

The bond market opened positive today and thus we’re seeing a small improvement to mortgage rates and terms to start of the week.  Overall mortgage rates remain elevated, even compared to a few weeks ago, as the Fed determines their future asset purchases.  The non-existent refinance market remains that way and purchase applications still remain extremely weak compared to 6-10 weeks ago.   Mortgage rates will probably remain under pressure until the Fed lays out a clear plan for their reduction in bond purchases.  Mortgage lenders across the country are feeling the pain as lenders such as Wells Fargo are drastically reducing mortgage related staff.