Have We Finally Hit Bottom?

Not of housing prices.  Not of the economy.  I’m wondering if we have hit bottom on mortgage rates. 

Freddie Mac reports that rates bounced up from a historic low during the week ending April 9, 2009.  Their Primary Mortgage Market Survey found that 30-year fixeds averaged 4.87% for an average .7 point.  The prior week was 4.78% for the same instrument.

Meanwhile, the Federal Reserve Bank of New York revealed Thursday that it had gobbled up another $74.7 billion in GSE mortgage-backed securities for the week ending April 8.  It’s hard to imagine that the Fed can put any more downward pressure on mortgage rates.