Mortgage rates are low -- for now
Mortgage rates have stayed low for much longer than most mortgage experts had expected. This winter may be the last chance for buyers and refinancers to grab rates at the bottom. The Mortgage Bankers Association predicts the 30-year fixed rate will reach 4.4 percent by the end of the first quarter.
That's slightly higher than where rates are now, but it's still attractive.
If you have sat on the sidelines, waiting to refinance or buy, you may be in for a surprise if you wait too long. The Federal Reserve is likely to raise the federal funds rate in 2015, and when that happens, mortgage rates will jump, says Brett Sinnott, director of secondary marketing at CMG Mortgage Group in San Ramon, California.
"The clock is ticking," Sinnott says. "Act now. The first quarter is going to be crucial in getting a loan completed."