Well...the world didnt come to an end when the Fed stopped purchasing mortgage bonds in March. I guess we can all take a breath right? I wouldn't take too long a breath if you are still looking to lock in an interest rate below 5% as the Fed has been hinting that they will not be as generous with their monetary policy; and by not generous I mean they will start to take action to tighten up rates to keep inflation from becoming an issue. Though I am not a big fan of higher rates I am with the Fed in their concern about inflation in the years ahead and a little pain now may be a lot less painful than postponing that pain and getting hit by a Mac truck with inflation down the road a year or two. Check out the rates today...still under 5% on a 30 year fixed and under 3.5% for a 5/1 ARM....not bad! If you are waiting for something significant to get you off the fence to refinance your loan...let this message be the kick in the pants you were waiting on.