Mortgage Rates Approaching All-time lows

It looks like the banks are finally reducing mortgage interest rates, albeit mainly on fixed rate products.
It seems that all it took was the promise of another $800 billion dollars to be infused into the banking system, and to buy up bad debt.
If you have clients thinking of purchasing or refinancing a property, interest rates on a 30-year fixed (as of the publication of today) are hovering around 5% on a standard 30 year conforming loan amount.
According to many leading economists, there is no telling how long the banks and other lending institutions will keep downward pressure on mortgage interest rates, due to the still pending and current debt losses that they are incurring on a daily basis due to current foreclosure rates.
Many think that it is a ‘temporary good faith gesture" toward the governing bodies and the Treasury to insure that a portion of their non-performing debts will be purchased under the new bail-out program.