How low can rates go?
It's not really clear whether mortgage rates will bottom out anytime soon, says Michael Becker, branch manager at Sierra Pacific Mortgage in White Marsh, Maryland.
"To say something like that, you run the risk of somebody waiting and missing out on a good deal and rates going up," he says.
There's likely to be some volatility ahead, but a dramatic spike in rates isn't imminent, adds Pava Leyrer, chief operating officer for Northern Mortgage Services in Grandville, Michigan.
"I really think you're going to see a gradual rocking back and forth," she says.
Mortgage applications fell 2.6% last week compared with the previous week, according to the Mortgage Bankers Association's weekly survey. Last week's results include an adjustment for the Martin Luther King Jr. holiday. The unadjusted purchase index rose 11% from the week before and 17% compared with the same week in 2015.
Separate data from CoreLogic show that national home prices were up 0.8% from November 2015 to December 2015 and 6.3% over the year. Additionally, prices are expected to increase 5.4% from December 2015 to December 2016.
If you're prepping to step into the housing market, pay attention to the details and educate yourself on the homebuying process, Leyrer advises.
"I would just absolutely make myself aware of the circumstances that affect me," she says.
And if you're already ready to shop for a mortgage, find the best deal today by searching Bankrate.com.