The US mortgage rates are at a life time low around the 4.40 percentage level for the last few months only due to very weak market conditions. The US FED is trying it’s best by keeping the interest rates low and the demand for long term housing loans is also at record low level.
Even those people who are buying homes are going in for medium term and short term loans as they are not confident of their job over the longer term. The US FED would be forced to raise the rates in the immediate term once the Chinese and Japanese governments reduce their buying of US treasuries. That in turn could push up the mortgage rates, which may not do any good for the weak housing market.