I'm working on a blog entry addressing several important questions I've received from readers this week.

But I interrupt my research to share something important that just crossed my desk. Just over an hour ago, Countrywide notified all of its brokers that broker compensation would be capped at 4%, including yield spread premium-plus points and fees charged by the broker to the borrower.

Had lenders not allowed brokers to charge much more in the past, we'd have fewer foreclosures in the present. Many professional mortgage agents work for compensation that averages 2% to 2.5% and would not feel right about charging a client 4%. On the other hand, there are many unscrupulous mortgage brokers that will charge a client as much as they can get away with, up to the limits considered "high cost loans" under federal law.

This is good news for homebuyers. It's likely Countrywide is anticipating sweeping industry reform and is being proactive.

While I am focused on my real estate clients, I maintain my mortgage license. As a mortgage banker who couldn't sleep at night if I'd ever made 4% on a mortgage, I salute Countrywide. We all have the right to make a good living. And 2% to 3% is a damned good living.

If you read my entry on March 4, you received some insight on which direction mortgage rates might take. I shared with you Brandon Foor's comments to me on the matter of refinancing.

Those readers who followed my suggestion to get ready should have already heard from their mortgage agent today. The rate for a conforming 30-year fixed is at 5.5%. If you haven't locked your refi or purchase loan, I suggest you speak with your mortgage agent ASAP.