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On January 22, 2008, mortgage rates fell quickly and without warning.  They touched levels not seen in 5 years and then stayed there for a period of 28 hours.

During those 28 hours, homeowners around the country received calls from their mortgage guy. 

The call went something like this:

Mortgage Guy: "Mortgage rates plunged.  You should consider a refinance to lower rates."

Homeowner: "Hey, thanks for calling me!  What are rates?"

Mortgage Guy: "The 30-year fixed is priced at 5.125% with no points.  It hasn't been this low in 5 years."

Homeowner: "Awesome!  Let me think about it -- I'll call you tomorrow with the go-ahead."

When "tomorrow" came, though, the 5.125% wasn't available anymore. 5.125% had become 5.500%.  Markets had already reversed.  And then some.

When those 28 hours were over, the 30-year fixed mortgage had already started a journey that would bring it from 5.125% to 6.375% in less than a month.  This happened because the Fed Funds Rate had just been lowered farther and faster than at any time in history and because the economic stimulus package had just passed.

The combined impact of these economic jumpstarts made markets fearful of long-term inflation and inflation is the enemy of long-term mortgage rates.

That said, there's been a ton of recession talk lately and that is proving to be a positive for the short end of the mortgage rate curve.  The recession fears translate into lower mortgage rates on shorter-term mortgage products like ARMs.

A quick sampler of the bad-news-for-the-economy, good-news-for-ARMs headlines:

• The number of people filing for unemployment is at a 2-year high
• Ben Bernanke says some banks could be in trouble
• The talk of a soft economy is catching up with consumers

Because of headlines like this, ARM interest rates are steadily slipping.  They haven't reached January's levels, but it's close. 

If the trend continues, homeowners may just get a second chance to capture the interest rate savings they missed out on just a few weeks ago.

Consider this your advance notice, folks.  Make like a boy scout and get prepared for a dip should it ever come.

This time, when your mortgage guy calls, be ready for it.

This time, when your target interest rate hits, be ready to grab it.

This time, have a remortgage plan in place and be ready to execute it. 

The best way to be prepared is to talk with your mortgage guy in advance.  Have the talk today, if you have time. 

Give your loan officer permission to grab whatever that certain mortgage rate is for you the moment it becomes available.  He'll just handle it and you won't have to worry about missing the train. 

Now, many Americans don't have mortgage guys because so many loan officers have moved on to other careers.  If you've been orphaned and don't have a personal loan officer, ask a friend for a referral.  Or, drop me an email and I'll be happy to assist.

The mortgage markets wait for no one so when a door opens, be ready to step through.  With some advance planning, the step can be an easier one.

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Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.