Mortgage interest rates were flat this past week as there was not much economic data released. In other news this week, Federal Reserve Chairman Ben Bernanke said at a speech at the University of Michigan that the Fed's Quantitative Easing Program a.k.a. "QE" is reducing mortgage rates to a "credibly low" level. Coupled with the Fed's vow to buy up mortgage-backed securities at $40 billion per month should maintain a downward pressure on mortgage interest rates. Buyer's have the most buying power they have seen in decades - a $280,000 home could cost just $1,100 per month at a 3.3% mortgage rate.