We are down to a few days before the Fed ends their mortgage bond purchase program that began back in December of 2008 that drove rates down from 6%$ to 4.5% for a 30 year fixed mortgage. Not only will the Fed not be purchasing the 10 Billion in mortgage bonds after this week, but there is a good chance they will start to unload (sell) some of the 1.25Trillion in mortgage bonds that they have acquired over the past 15 months.

If you are looking for rates to get lower before you pull the trigger on a refinance or purchase...you have run out of time and your hopes are about to be crushed. Rates are historically very low and now is the time to lock in your interest rate.