Mortgage rates faced upward pressure Wednesday after a German court ruled in favor of a European Central Bank (ECB) aid program, allowing it to move forward. Global stocks rallied, pushing mortgage-backed securities lower. In economic news, August Import Prices rose 0.7%, below the consensus forecast of 1.5%. The Mortgage Bankers Association weekly purchase activity index rose 8.1%, while the refinancing activity index jumped 11.9%. Average reported 30-year fixed rates fell to 3.75%, not including fees. Results from today’s 10-year Treasury auction will be released at 1:00 PM.