This article, however, warned me that while the refinancing may be good, I'll need to take care of it fast. It is actually the bond market that determines the mortgage rate, not the Fed. Fixed mortgages are linked to the 10-year Treasury, which is actually rising right now. However, these rates are still below 6%, and Quicken Loans chief economist Robert Walters said, "We don't get many opportunities to take a 30-year fixed below 6%." Adjustable-rate mortgages are pegged to the 1-year Treasury, which is expected to continue to decrease, so refinancing would be a good idea here.