The bailout was in the beginning of September and you can see how mortgage rates responded sharply. Then came Lehman Brothers bankruptcy in mid-september and the credit markets went nuts. Mortgage markets have struggled since, but have mostly been pretty calm in November. The bigger problem is that banks are unwilling to loan without a lot of collateral and fantastic credit, so the rate is only part of the story.
Anyway, the point of all this is that the plan today is supposed to try and staunch the bleeding in the housing market as exposed by Case-Shiller. I wonder if it is a coincidence that they announced this today - the day of the C-S report?