Mortgage Rates: You May Have Missed the Bottom

For those waiting until interest rates bottomed out before they either purchased a home, or refinanced the one they're in, it may be too late.

We warned our readers a couple of months ago about the risk involved in trying to time the markets, both from a home buying and mortgage point of view.

Now, the Federal Reserve has signaled that it won't try to do more than it previously planned to pull down mortgage rates and other long-term interest rates.

For homeowners hoping to refinance at a lower interest rate, the Fed doesn't seem to be offering any fresh encouragement.

Fed Chairman Ben Bernanke may have decided there was too much risk in trying to boost efforts to push long-term rates down, with the market leaning in the other direction. Besides, the Fed has said it views rising long-term rates as a sign that the economy is getting better.

Could mortgage rates dive again? Sure — if the economy crumbles.