BiggerPockets

I doubt anything will change in the new few weeks or months. It would probably be a good time to lock things in for 30 years.

However,

Right now it's kind of like rolling dice.

Interest rates may sky rocket up to 15-20% and you will be glad you locked in

or

Homes prices may fall even more putting you upside down in a mortgage.

It's safe to say that we are all probably F'ed either way.

I wouldn't worry in the immediate near term. It is not much surprise that the U.S. got downgraded as rating agencies have been warning of this for a while. Rates have been artificially manipulated lower with the Fed's QE1 and QE2 bond buying. With the recent sputtering of the U.S. economy and fears of deflation re-emerging, I can almost guarantee that the Fed will announce another round of balance sheet expansion or re-investment of maturing securities into longer term bonds at their next meeting. They won't call it QE3 but it will be more monetization of the nation's debt. Also, although there is no question that the U.S. has serious deficit issues, the near term concern is with the Eurozone crisis and this has actually caused mortgage rates do drop in the past week.

Unlike other countries, the U.S. has the ability to print more $ so the risk of actual default is slim to none. The alternative is for the fed to continue to monetize the debt. Eventually bond vigilantes will wake up and rates will soar but not while you are trying to secure financing on your deal.

There is speculation the gov't may try something to boost homes sales.