Market Wrap August 23 2013

Mortgage rates shot significantly lower today after the New Home Sales report showed far fewer executed purchases contracts than expected for the month of July.  The move came in phases with most lenders releasing at least 2 rate sheets.  Some offered bigger improvements, while others got back in line with the rest of the pack.  The net effect was nearly a full eighth of a point drop in average rates for ideal scenarios, bringing best-execution down to 4.625% in many cases while some notable lenders remain at 4.75%.