We have less than a week until the end of the Federal Reserve's purchase program of mortgage-related debt.  Eyes are on the difference between mortgage and Treasury rates - remember that yesterday ALL rates rose.  But there appears to be a continued belief that even without the Fed there will be enough investors in mortgage-backed securities (MBS) that a big jump is very unlikely.  A jump of 0.1-0.25% perhaps, but not the .5% or worse that some were forecasting a month ago.  Less supply (40% less in 2010 versus 2009 by some estimates), and solid interest in owning mortgages should come into play by mutual funds, pension funds, foreign entities, and private investors.  In late 2008, the average 30-year fixed mortgage rate topped 6.30%, and is now around 5.05%.  Of course, during that time the Fed has purchased $1.25 trillion in MBS's, along with $175 billion in agency debt.