"I like a blackjack analogy. If a person hits on 18, it is possible the next card could be a 2 or 3 -- but it's unlikely. People who wait for mortgage rates to drop are hitting on 18. It is possible that mortgage rates could fall, but unlikely. It's far more likely, as the days pass, that the next move for mortgage rates will be toward higher rates."

Bob Walters, chief economist for Quicken Loans

source: http://www.bankrate.com/finance/mortgages/mortgage-rates-drop-to-2010-low.aspx