Do you all think the rates have actully hit their bottom and it is upward from here?

Once again, I agree 100% with fstadler. Unfortunately, the days of supply/demand for mortgages determining interest rates are long behind us. The direction in which cash is flowing in the global financial markets is what we must be mindful of. Recently, rates appeared to be on a steady uptick, then came sliding back down as a result of the debt crises occurring in Europe. Though no one has a crystal ball, the fact remains that the safety and security offered by US Treasury notes is tenuous at best. As cash continues to flow out of this market and into commodities, equities, and eventually, real estate, rates will begin a long, steady climb.

Both answers are right on the money! No one can predict interest rates becuase rates are driven by global events. If you like where rates are now and it makes sense to refinance or purchase--go ahead and do so. Rates may start an upward climb and never look back.

Currently right now rates are at historic low levels and like the other posts we don't have the crystal ball to perdict rates. If loan program and rate fits your needs then I would go ahead and lock.

If you snooze you lose! I've been in the business for 28 years and always advise my clients to lock in as soon as possible. It is much easier to kick yourself if rates go down and you have locked in than if they have gone up and you haven't locked it in. Rates always go up much faster than they come down! It is anyone's guess as to the direction of interest rates. I say, lock your rate in ASAP.