Rates on home loans have been on a downward trend for much of the year, and that gives homebuyers extra incentive to purchase soon. Many experts have been surprised at the direction rates have moved in 2014.

            “It’s a temporary window of opportunity for buyers in that a year from now rates will be higher,” economist Mark Zandi told Bloomberg News. “I wouldn’t count on these low rates for very long.”

            Homebuyers taking advantage of current conditions will benefit from low rates for years. Someone purchasing today with a 30-year home loan can have the same monthly payments as long as they live there.


Borrowing costs rose last spring when investors became concerned the Federal Reserve was pulling away from its low-rate policies. But those fears proved to be unfounded in the months afterward, as purchases of mortgage-backed securities by the Fed dominated the market.

            High demand for mortgages from the central bank has encouraged rates to fall in recent months. Recently rates hit their lowest levels since 2013, notes mortgage investment firm Freddie Mac.

            Homeowners who would benefit from moving into a larger home or a neighborhood closer to family, activities or jobs should start looking at properties soon.