All things are equal; rates will remain low if the Federal Reserve System enables them to stay low. Even with a number of other factors to determine mortgage rates, there is no major impact on the Current Mortgage rates until the Federal Reserve System. When it comes time to buy a new house may now be the best time in history.
There is little room for argument, given the combination of low home values, historically low mortgage rates up, and the federal government put high tax credit for first-time home buyers. The question remains, however: what lies ahead? The Federal Reserve has done a good job and we know that rates will remain low. In fact, they recently announced that they have no intention to increase the current mortgage rates in future. Midst of economic uncertainty is obviously in their best interest to make it widely known.
There will be a few warning signs indicating a recovery in the current mortgage rates, but none of them is simple and clear-cut than the unemployment rate. Since the creeps unemployment rate to 10% at the national level, it is a good sign of current mortgage rates remain low. When the unemployment rate begins to decrease honestly look at current mortgage rates will rise, and quite possibly, sharply.
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