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During the mortgage bailout the Federal government began purchasing mortgage backed securities in order to stimulate the appetite in the secondary market.  After the near collapse of our banking industry investors wanted nothing to do with the secondary market causing mortgage rates to stay high even though the Fed rate was brought down to 0 - .25%.  So, in a nut shell the Feds purchasing mortgage backed securities stimulated the economy and brought mortgage rates down.

Why is the this important?  Because the Fed will, in the near future, cease to purchase mortgage backed securities.  This will cause mortgage rates to rise, so if you or clients are waiting to pull trigger, don't wait too long as mortgage will more than likely increase when this happens.

Hope this insight helps,

Samuel Morales