Did you miss out on refinancing last year when mortgage rates dropped to their lowest point in our life times? Last Fall, right before the Fed announced their last round of the Quantitative easing policy, mortgage 
rates dropped to as low as 4.00% (for the best qualified conventional loans). The consensus at the time was that the economy needed more juice to keep it growing, and that rates were likely to drop even lower still. If you had considered refinancing at the time and missed the boat back then, you know what happened next. The Fed started the Quantitative easing program which pumped more money into the economy.
years. The question now is whether this is a pause before rates drop even lower, or with the end of Quantitative easing almost upon us, and with debt ceiling agreement still up in the air, will rates head back higher? The rate trend over the last two months has been toward lower mortgage rates, but there are still so many competing story lines, that it is hard to see which will hold the most sway in the financial markets.
European Union is still the biggest worry. Last week there was rioting in the streets in protest to the the austerity forced upon them. There is no easy answer as to what to do with the situation there, and the union is being tested as the needs of the stronger countries don’t align with those of the weak. Germany and France delayed the crisis with news that they will offer additional support, but this is mostly a band aid, not a real solution. A