mortgage rates still low, but will rise

If you have been considering a move, or refinance, you may want to act sooner rather than later.

According to the Saturday New York Times, a increase in mortgage rates is expected this year. In fact, investment management giant Vanguard Group estimates a rise of a quarter to a half percent on a 30-year fixed rate mortgage.

Why the increase? The Federal Reserve has been supporting the mortgage market with their trillion dollar program of buying mortgage-backed securities. They intend to end this program at the end of March. When that happens, rates are very likely to rise.

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Of course, another advantage to acting now is the $8,000 and $6,500 tax credit program, which will end at the end of April.