Is this ban going to stop mortgage bankers and banks from hiding YSPs on page 2 of the GFE, which they are now doing? They are still operating under the old YSP rule. If the new Fed ban accomplishes that, we’ll all be on a level playing field, which will be good for the industry. I’ll believe it when I see it on 4/1/11!

By now you likely know that the 30 year home loan rate dipped from 4.25 to 4.125% this week. This is the lowest point this year. The previous low was 4.78 reached two weeks ago. What is more interesting is that the all time low is 4.71 so just .01 points lower than current rates.

Looking at other rates the 15 year dropped from 3.75 to 3.625%. The 5 year adjustable rate loan fell from 3.75 to 3.625% (5 year arm). These are all time lows since we have good tracking data for these mortgage products. So would it make sense to look at some of these other mortgage products since they are at all time lows? Personally I would still avoid the 5 and 1 year arm. Since mortgage rates in general are so low it makes sense to lock in for as long as possible. Below are rates from the weeks from May 13, 2010 to Jun 10, 2010.