CaliFund

"Fixed mortgage rates continued to follow bond yields higher leading up to the August 21st release of the Federal Reserve monetary policy committee's minutes for July. In its July 30th and 31st meetings, the committee members were broadly comfortable with a plan to start reducing its bond purchases later this year, although a few emphasized the importance of being patient." Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Fixed mortgage rates have been bouncing around over the past few weeks on market speculation that the Fed will taper some of its monetary stimulus. In fact, 65 percent of economists surveyed by Bloomberg expect the Fed to reduce the amount of bond purchases at its September 17th and 18th monetary policy committee meetings. Currently, mortgage rates on 30-year fixed mortgages are 1.1 percentage points above their all-time low set on November 21, 2012, which translates into $125 more per month in mortgage payments on a $200,000 loan." Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

Congratulations to our customers, Dani and Austin who just closed escrow in 30 days on their first home!

Weekly Interest Rates: Week ending in 8/8/2013