Well rates dipped down to 4.5% earlier in the spring but about Mid May they started the upward trend that most think will not be reversed. Remember the goverment has never been in control of mortgage rates. They can try and affect the market but they can't control it. Some of their plan did help rates get to 4.5% but the funny thing is all the money the government's spending is actually causing interest rates to rise. So they shot the housing recovery on the foot with their own stupidity. Now they have these refinance programs that could end upworthless because the rates may not good enough to refi if they keep going up!