Rates may finally begin to climb
This may be your last chance to lock a rate while mortgage rates are at the bottom.
The Mortgage Bankers Association expects the 30-year fixed rate to climb to 4.5 percent by the fourth quarter of the year, according to the association's latest forecast. That's still an attractive rate, but if the MBA is right, the fixed rate will climb gradually, reaching 5 percent by mid-2015.
If you are still looking for a home and are not ready to lock yet, you probably have a bit of time. But if you are trying to time the market or are hoping for rates to drop further, you have very little chances of succeeding with your bet, mortgage analysts say.
"If interest rates do get better, it is because something really major changed as far as geopolitical activity," says Shaun Guerrero, a sales manager for Fairway Independent Mortgage Co. in Silverdale, Washington. "Lock now if you can."