Mortgage Rates rose slightly today.  Bond markets were slightly weaker today while stocks surged on optimism over Wednesday's conclusion to the EU summit which some hope will contain a "solution" to the seemingly imminent Greek default. 

So no...  Rates are not in the 3's, nor is there any guarantee from the government that they will be.  The expansion of the government's refi program doesn't make any promises about rates either.  Preliminary details were out today and the main thing to be aware of is this: the changes being discussed ONLY apply to ELIGIBILITY.  There's no mention whatsoever of any government mandated interest rate for the refi program.

If anything, the additional economic optimism over a slightly higher percentage of the population being able to refinance and prevent foreclosure points to HIGHER rates if the economic effects of the program are even measurable at all-a matter still open to debate.  Bottom line for today, rates are slightly higher, and the only thing that will bring them down in the short term is either some really awful economic data or a really anticlimactic conclusion to the EU Summit on Wednesday.

But before you consider what today's rates are, here's a Good Article on "How to Shop for a Mortgage" from last week.

 Today's Rates: 

• BESTEXECUTION 30YR FIXED -   Mostly 4.25% today
• FHA/VA - More 3.875% today, 3.75% still out there for some.
• 15 YEAR FIXED -  Mostly 3.5%
• 5 YEAR ARMS -  low 3% range, huge variations from lender to lender.

Ongoing Guidance While Best-Ex Is At Or Below 4.25%: 

 Guidance: While we're encouraged by rates' recent ability to draw a line in the sand at 4.25%, we can't rule out upside risks from European headlines or domestic economic surprises.  With the increased volatility in the outlook, we'd lean more toward locking, EVEN THOUGH that volatility can swing both ways.   The possibility that rates get lower in spite of the increased disposition to lock is part of the frustration of  dealing with volatility.  But better safe than sorry.