I came upon more information that we all should be aware of, I hope this is a help!

Mortgage Rates
Posted on January 29, 2009 by dhstevens
So, what’s going on with mortgage rates? Here’s a quick explanation:
There are two issues at play, the increases in the ten year treasury combined with the spread between mortgage rates and the ten year.
1. The Ten Year Treasury Notes dropped dramatically from November through late December from a high of about 3.85% to a low of about 1.95% and down back to today’s 2.65% higher number. That drop correlated with driving rates from the low 6% range to the mid 4.5% range and now back up into the mid 5% range. This chart will show you the drop and subsequent rise over the last couple of weeks. 30 year fixed rates correspond directly with the ten year moves as the ten year is a benchmark hedge for long mortgages.
2. The ten year is backing up in rate simply because the world economies are weak and China, in particular, are not buying treasuries and there for the yields are rising to attract more buyers.
This is a lot of technical gibberish, but I believe that rates will slide down here sooner simply due to the treasury jumping in and buying up the supply. See this article from the Wall Street Journal.

Really, rates should be about 1.7% over the ten year which would put rates near 4.4% today.
Rates are good where they are, but I really see the market improving again even more.
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Washington, D.C. Tops List for Real Estate Buys

Posted on January 22, 2009 by dhstevens
by Matt Woolsey
January 22, 2009 (Forbes) - The nation’s capital leapfrogged London this year as the world’s best city for real estate investment. With the federal government on a path to grow bigger and increase spending, the new programs will need offices and its employees will need homes.
Forbes magazine turned to the Association of Foreign Investors in Real Estate for the list of where its member investors are finding the best opportunities around the world.
In normal times, financial capitals, New York City and London, vie for first place. Today, both may even be a little grateful to come in second or third. “There used to be a rivalry between New York and London,” says Kenneth Patton, divisional dean of the New York University Schack Institute of Real Estate. “The subject has shifted to the fact that we’re both in the same lifeboat, and maybe it’s leaking.”
Here is the list of the world’s 10 best place for real estate buys:• Washington, DC• London• New York City• Tokyo• Shanghai• San Francisco• Los Angeles• Paris• Houston• Singapore