This graph shows how the pricing of mortgages has slowly decreased over the last month.  Since hitting the high on February 11th, pricing has steadily dropped about 160bps, putting upward pressure on 15 and 30 year mortgage loans. This, combined with a low supply of homes available for sale is giving would-be home buyers a lot of anxiety right now.

Over in Europe, the Central Bank is actually charging banks 0.4% to hold their money (ECB rate = -0.4%) in an attempt to encourage their banks to lend to consumers.  The idea that consumers can borrow cheap money is helping European Stocks, but effectively hurting our U.S. mortgage market at the moment.