Freddie Mac made it official today while stocks appeared to have stopped their freefall, at least for now. According to Freddie Mac’s weekly mortgage survey released each Thursday, the 30 year fixed rate for owner occupied residential properties fell to 3.97%. Rates for investor properties also fell tomortgage rates to remain low approximately 4.25%. The Dow finished up almost even while the S&P500 and NASDAQ barely pushed back into green territory.

Some are saying comments from certain Fed members are manipulating the market with comments made yesterday and today. According to an article on today, there is speculation that St. Louis Federal Reserve president Bullard plainly stated the Fed may indeed hold off ending the QEIII program, scheduled to come to a halt later this month. This on the heels of similar comments yesterday from another Fed member regarding additional stimulus from the Fed. If indeed those comments stopped the losses they seemed to have worked.

The markets aren’t really reacting to any set of fundamentals as earnings reports haven’t surprised many one way or the other. Instead, external events are playing a significant role moving the market with some thinking the Ebola spread could get worse and harm the economy in addition to the situation in the Mideast and Ukraine. It seems there’s been no shortage of things for investors to worry about beyond economic data, earnings and interest rates.

If the Fed does indeed announce QEIII will continue for at least another month or two, stocks and bonds both will likely benefit. For how long no one is sure but as long as inflation is near target and the economy seems to be still in a rather tepid recovery mode, it might be quite some time, maybe a year or more, before the Fed decides to raise rates. Until then, interest rates should stay low.