I have just recieved an email from a reliable source that is also stating that this new program will be for purchase loans only and not refinances.  As rates are already at historic lows, the treasury feels people can refinance already into a low rate, but the main purpose of this program will be to get the housing market moving.  A 4.5% rate would attract alot of new home buyers which will help to reduce the available inventory and get the housing market in a more stable position.  As more rumors come out, we will keep you posted.

Mortgage backed securities are moving higher and we should see some reprices if you havent already recieved them, so keep floating.