I have a snow globe on my desk. When I shake it and the dust settles, it reveals a big question mark. That's my answer when my customers ask me to predict the future mortgage rates this summer. Based upon the graph below (supplied by our "good friend" Freddie Mac), it looks like now is the time to buy, however. This was my answer a year ago and probably will be my answer moving well into 2012.
Home prices are down and mortgage rates are at the lowest point in 30 years. If you are in a position to buy, talk to your local lender and work out the best deal possible. Do not over extend, buy for the right reasons and enjoy your investment!
Big thanks to Cathy Pizzini of Evergreen Home Loans for the great graph!