Mortgage rates have been at historical lows since 2008 following the financial crisis, but the consensus is that they will rise; it’s just a matter of how much and when.

The average rate for a 30-year fixed-rate mortgage has fluctuated between just above 4% and 4.5% for most of 2014. The Federal Home Loan Mortgage Corp., (Freddie Mac), is predicting rates will rise to 5% in 2015.  Factors contributing to an anticipated rate increase include a strengthening economy and the unemployment rate is falling and is expected to continue to do so.  This fall is a great time to buy or sell as the mortgage rates are still low.