The super low mortgage interest rates that buyers and refinancing home-owners have been enjoying for the last several months is beginning to change.  Mortgage rates have started climbing back up, thanks to an announcement from the Federal Reserve about a $600 billion bond-buying program designed to spur the economy.  According to MSNBC,

Mortgage buyer Freddie Mac said Thursday the average rate for 30-year fixed loans rose to 4.39 percent from 4.17 percent, the lowest level on records dating back to 1971. The 15-year loan also climbed to 3.76 percent from 3.57 percent, the lowest since that survey began in 1991.

As a result, mortgage applications have slumped.  My prediction on the housing and mortgage market:  a slow remainder of 2010 with activity resuming in March 2011.