I don't think the housing bill will have any effect on the rate markets ( other than making sure Fannie and freddie stay in business which is of course improtant because the entire industry depends on that) I don't even think it will help the housing market.

The single biggest factor driving rates will be inflation. If the economy tanks even further typically rates would go down as money goes to bonds for safety, but mortgage backed bonds have proven to be less safe than advertised, and more importantly if the economy suffers and we still have inflation rates will not go down. If the economy imporves and inflation remains the same rates will go up. There is nothing pushing rates down currently and for the forseeable future unless we see the dollar strengthen and inflation ( CPI) start to come down