Mortgage Rates: 30 Year Fixed Rate at 5.25%
By: Ed Ferrara
Mortgage rates spiked today reaching their highest point this week. The 30 year fixed mortgage finished the day at 5.25% with zero buy down points. Quite a difference from last Friday afternoon’s 4.75%.
Long term bond demand continues to be low perhaps due to the fact the fed’s holding huge auctions of long term treasury bonds throughout next week.
Taylor Bean and Whitaker, a popular wholesale lender used by thousands of mortgage brokers across the US ceased operations today following a fed raid. It’s unclear how their fall will effect those seeking new home loans and refinances but it’s sure to create a back log. Back log’s are dangerous because if lenders slow down too much borrowers rate locks expire and extensions can be pricey.