I don’t agree with comments about rates going to come down. The simple issue here is that the spread between these loans and the risk-free treasury is way to low. Why on earth would an investor accept a 6% return on a risky investment compared to 5% for a T-bill? It just doesn’t add up and eventually people figured it out. Sorry folks but outside of the conforming loans that are bought by FM & FM we are going to see higher rates for all other loans for quite some time.