As expected the Federal Reserve left rates unchanged.  The Fed repeated language from earlier statements that economic conditions are "likely to warrant exceptionally low levels of the federal funds rate for an extended period."  It is important to note, however, that with the Federal Reserve mortgage backed security (MBS) purchase program ending at the end of the 1st Qtr of 2010, barring a "double-dip" recession which causes a "flight-to-safety" movement of capital from stocks to bonds, mortgage rates should begin to rise prior to March 2010.  The days of 30 yr fixed rates below 5% and 15 year fixed rates below 4.5% are most likely numbered.