Just a couple of months ago, very low mortgage rates was the only positive thing in an othervise very bleak economic outlook. Mortage rates plunged to all-time lows after the federal reserve started a couple of initiatives last fall--such as purchasing fannie and freddie mortgage backed securities and long-term treasury bonds. In the begining of April, President Obama urged homeowners everywhere to capitalize on the historic low interest rates by refinancing their mortgage rates. He said " The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates". But mortgage rates have risen substantially in recent weeks as they have surged from 5.03 percent on May 26 to 5.79 percent on June 10.
