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In Mid May the mortgage market was hurt badly by a sudden surge in treasury bond yields. This move took fixed 30 year interest rate mortgages up a full 1-1.25% in a two week period. The talk was that the recession was ending and inflation would follow. The interest rate move persistently stayed up for 6 weeks. But the week before the 4th of July weekend saw the interest rate trend begin to move downward. In the last 4 days we have seen a series of treasury bond auctions do well. During this period 35 Billion in 3 yr bonds, 19 Billion in 10yr treasury bonds, and 11 Billion in 30yr treasury bond sales ending today. All these auctions have been met with strong demand. This for now has strengthen the downward trend in interest rates. With so many borrowers left stranded in May's run up the time is now to move on those loans again. If you try to wait for a new bottom most likely you will miss out on some great interest rates. Lenders get backed up quickly so you have to get in line faster.