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Although no one can know what's going to happen in the future, particularly as it applies to the government, as of today, April 5, 2009, the treasury has bought about $250 billion in mortgage backed securities under their program to help depress mortgage rates and free up new money.  That is what is causing these low mortgage rates.

They just started this about three weeks ago, with a total of $750 billion allocated for this program, meaning that 1/3rd is already used up just a few weeks into the program. Once that money is gone, we would expect the lenders to start raising mortage rates again, after all, they're in the business of making money.

Calculating things out, people have about another 6 weeks at this pace before the short is over, and if rates start rising after that, people who have been playing the "limbo of mortgage rates," waiting to see how low they will go, will have missed the bottom.

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