An article in The Boston Globe March 20, 2009 indicates that mortgage rates might be even lower, but lenders are reluctant to lower interest rates further because they are already swamped with business.
This might explain why I have not heard as often from the mortgage professionals I work with.
"Rates for 30-year mortgages dropped below 5 percent yesterday, in some cases well below, after the Federal Reserve this week unveiled another effort to revive the nation's flailing housing market by purchasing an additional $750 billion of mortgage-related securities to drive down rates. Some brokers were quoting rates of 4.75 percent yesterday, with average rates leveling at 4.94 percent, said mortgage tracker HSH Associates."
Banks and mortgage companies have cut stuff, so they are not equipped to handle the surge in business.
Some potential home buyers will sit on the sidelines hoping for even lower rates. That will undoubtedly be a costly mistake for some people.