From Today's NY Times:
Over the longer term, a dysfunctional Freddie and Fannie could send mortgage rates higher than they would have been otherwise, relative to key market rates like Treasury securities.
For now, if you’re considering buying a house or refinancing a mortgage, and that rate rise is enough to make a difference, then maybe the deal is not affordable. “If someone is so tight that a quarter point kills a deal, they probably ought to be rethinking what they’re doing,” says Bert Ely, a banking consultant in Alexandria, Va.
For mortgage shoppers comfortable with loans at today’s prices, now is the time to lock in, or guarantee, an interest rate with the lender, which can effectively set the rate over the life of a fixed-rate loan. Given the current uncertainty, there’s always the possibility that lenders will be less willing to offer rate locks in the coming weeks.