"..., it must also be noted that the Federal Reserve will complete its commitment to purchase $1.25 billion in mortgage-backed securities by the end of March. It is no secret that this program has kept mortgage rates artificially low for more than a year. Mortgage analysts believe mortgage rates will begin to rise when the Federal Reserve completes its purchase by the end of the month. If refinances seem to be drying up now, it is unlikely the mortgage industry will witness a refinance revival if mortgage rates climb back to the 6% range."

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