It appears that the Fed’s rate cuts may be over for a while.  In fact, it has been rumored that the Fed may raise rates to combat the concern of inflation.  If inflation continues, long term mortgage rates may worsen.

current Fed interest rate policy “well positioned to promote moderate growth and price stability over time.” That language signals the central bank, increasingly worried about inflation, is done cutting rates for now. Bernanke noted that slower U.S. growth, and previous interest rate cuts, have reduced the value of the dollar against other currencies, increasing the potential for inflation.

That equity line of credit you have? You may want to try and lock that rate if you can.  If the Fed raises rates, it will effect the interest rates on shorter term loans, such as credit cards and equity lines.