Mortgage are rates up as treasuries rose further today. The 10 year treasury yield which drives conforming fixed mortgage rates has risen to 3.76. Compare that to 3.5 where it finished last week. The difference in the 30 year fixed mortgage rate from last week to this week is significant. 30 year fixed mortgages are currently available at 5.25% with zero buy down points. That's up almost a full 1/2% from last week. The 15 year fixed mortgage rate rose to 4.275% today and the 5/1 ARM to 3.875%.
In other news Taylor Bean & Whitaker ceased operations today. They are one of the most popular channels for mortgage brokers to place loans. This brings upon a huge fallout of loans that need to be placed somewhere else.
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