Yes that is right and if you are still waiting to refinance you better lock in your interest rate sooner than later. Also, if you are buying a home you will want to get it under contract soon because the Fed’s buying of mortgage-backed securities will end at the end of the first quarter of 2010. Mortgage-backed securities are what move interest rates.
The only way this could change is if the Fed decided to increase their purchasing of mortgage-backed securities which I feel is highly unlikely even though there was discussion of it at last month’s FOMC meeting.
I have used this example before but here is it again. If you get a loan at $100,000 today with a rate of 5% your payment would be $536.82. Let’s say property values drop even more and now your loan amount is 10% less but interest rates have increased to 6%, your payment would be $539.60. Need I say more?
Located in South Florida, Justin Miller has established himself as a leader in the mortgage community for his expert advice and understanding of the current real estate climate. 
