During 2014, one thing in regards to the housing market has been made clear, which is that mortgage rates are expected to continue to rise. Many mortgage professionals and economists have made the prediction that interest rates will rise over the course of 2014.

According to the mortgage research company HSH.com, mortgage rates will hit 5 percent during 2014. However, even when the mortgage rates hit the 5 percent mark, they will still be very low historically speaking. Prior to the Federal Reserve's third round of quantitative easing, the lowest interest rate on record was a 5.24 percent for a 30-year fixed-rate recorded in June 2003.

While the good news is that mortgage rates will still be low historically speaking in 2014, the bad news is that are still going to rise. While predicting mortgage rates is always difficult, HSH.com believes that during 2014 the interest rate on a 30-year fixed-rate loan will rise from the current 4.375 percent to 5.625 percent. The interest rate on a 5/1 ARM will rise a full percentage point from the current 2.875 percent to 3.875 percent.

You have probably heard it before, but we are going to tell you again that if you have been waiting to refinance or purchase a home, it's best to make your move now rather than waiting. Interest rates are only going to rise as time passes by, so making your move now will help you save.

Give Prospect Financial Group, Inc. a call today at 858-605-0952 for a free home purchase or refinance quote.