Mortgage Blog

When the 15 yr fixed rates hit 3% since last Wednesday,
there are lots of request for 15 yr fixed, conforming or
high balance. On one day Thursday, I had 5 borrowers
interested in 15 yr fixed with loan amount around 500k
and 600k.

And someone started to switch from ARM to 15 yr fixed
as well, especially those with 7/1ARM.

I do have borrowers asked when we can get 15yr fixed 2.75%
to 2.875% yet. My answer is: the market is not ready.
There is no such trading coupon for corresponding bonds.

I will let you know once we have it.