Weekly Update Aug 30

Mortgage rates ticked up very slightly other than Jumbo rates which were flat since last week.  Mortgage bonds are still trading flat and within support and resistance.  In the near term, we are suggesting to lock but that recommendation can change in a moment.  MAKE SURE YOU ARE WORKING WITH A MORTGAGE LENDER WHO KNOWS THE MORTGAGE MARKET.

New mortgage applications are down slightly again this week.  Again, it is actually purchase applications that slipped while refinance applications were unchanged.  Borrowers seem to have a new sense of urgency to consolidate debt and take advantage of lower rates.  However, that doesn’t stop the big guys from letting people go.  Wells Fargo is letting go of another 600+ mortgage employees as mortgage applications fall.  As always, Mountain State Financial Group does NOT subscribe to this model as we place service and satisfaction above all else.  This doesn’t happen when employees are fearful of keeping their jobs.