How's Your Mortgage Interest Rate?

Do you all remember last month when the fed lowered interest rates? Everyone in the Mortgage market thought this would jump start the housing portion of the economy, what with lower mortgage rates and all. SO, Noelle and I were planning to refinance to take advantage of the situation and what did we find?

To our surprise the mortgage interest rates were back up! Did this make sense to anyone else? The fed lowers rates and the banks follow suit for about a week, and then things get jacked back up again. Not only did the interest rates go back up, it almost seems like the interest rates are higher than they were before.

Did I miss something here? Maybe, because I always thought that when the fed lowered interest rates, the banks always followed. Why? Because if you actually want to stimulate growth in the market (which at the moment seems to be a bit shaky) you have to sweeten the deal to bring in new home buyers.

So, what do you think about the current mortgage rates? Did interest rates go down in your area for like a week and then sky rocket back up? Or did things stay low?

Feel free to share, I'm very curious.