Mortgage rates are hitting record lows in the low 4′s these days.  Most people’s reactions to this is something along the lines of wow, we’re never going to see rates this low again!  Funny thing is that I’ve been hearing this for years.  I believe that we will in fact see even lower rates in the future.  Why?  Because the only thing holding up housing from absolutely crashing are the low rates.  As the situation deteriorates, the rates will need to go lower.  I wouldn’t be surprised to see the Fed-manipulated mortgage rates eventually get into the 3′s!  Sadly, it still won’t fix housing.