Mortgage rates remain surprisingly low
Mortgage rates have surprised many industry observers who expected rates to rise this year. Rates remain near the bottom and it is unlikely they will spike this summer.
"Rates are falling as a direct relationship to the fact that the economy is not healing as fast as everybody thought it would," says Anthony Hsieh, CEO of loanDepot.
The Mortgage Bankers Association's latest forecast says the 30-year fixed rate could average 4.9 percent by the third quarter and reach 5 percent by the end of 2014.
But there's a good chance rates will remain stable through the summer, says Peter Grabel, senior mortgage loan originator for Luxury Mortgage Corp. in Stamford, Connecticut.
"I don't feel there's any reason for rates to change a lot," he says. Still, if you like the rate you have today, don't waste time. "They are not that much off all-time lows. There's only room for them to go in one direction and that's up."