During the course of 2014, mortgage rates continued to shock industry expects while they steadily declined. At the beginning of the year, 30-year fixed-rate mortgage were at 4.50% and by the end of the year they fell to 3.75%.

The rate declines that we experienced in 2014 were the second-best since 2003. However, the main difference between the two is that interest rates were not expected to fall this year. With the Federal Reserve tapering QE3 and an improving economy, interest rates were actually expected to rise.

An unexpected demand in mortgage-backed securities took place with geopolitical tensions, safety in U.S. bond markets and the strengthening of the U.S. dollar. With that being said, 2014 has been an excellent year to refinance or purchase a home. Interest rates have been extremely favorable, but they may not remain that way much longer. Wall Street predicts that interest rates have bottomed out and can only rise from here.

Rather than waiting until it's too late, take advantage of today's low rates while you still can!