Interest Rates...they are a risin'.

Well, I don't know if anyone has been following the rate on the 30 year fixed, but it is slowly inching up. Today's rate is averaging 5.37%. I've also read where refinancing time is taking much longer than usual. Apparently the banks are stretched a little thin in their underwriting departments. I don't understand why. They should be able to easily rehire the underwriters they laid off to SAVE money. What, with all the TARP and bail-out cash they've received, they should have no problems at all. So what's the HOLD-UP? Sorry, no pun intended.