Mortgage Rate Special News 12:25 PM ET, July 23, 2010

7 of 91 European banks have failed the "stress" tests performed by banking regulators. While this is a relatively small number, and the total capital shortfall of the failing institutions was also very small, analysts will be focusing for the rest of the day and into next week on the rigor of the tests. If the tests are viewed as valid, then stock markets will rise and bond markets, including the US mortgage-backed securities (MBS) market will likely fall. Falling MBS prices lead to higher mortgage rates.

As of now, based on the MBS market activity, lenders are close to raising mortgage pricing.

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National Rates

Loan Type	Today	+/-
30 yr fixed	3.72
15 yr fixed	3.03
5/1 ARM	2.75

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