I guess you are wondering why the fed lowered rates to near zero and the mortgage rates did not go down?
1. The lenders are too busy. So, they have all raised the rates dramatically to slow down the business to a level they can handle.
2. What the Fed does is give money to banks to lend out for commercial loans and home equity products. Mortgage rates are independently set by the market for the mortgages called mortgage-backed securities, MBS. Think of them as a bond that is secured by the mortgage as opposed to a government.
- The lack of money in the monetary system that can buy.
The value of the MBS can change all the time just like stocks.
What to do.
Get yourself ready to refi. Make an application, get the documents together. Even get your taxes done early!