Interest rates are not very likely to return to the lows of 2012 when we were seeing rates in the 3% range for 30-year fixed mortgage rates.   Here are the mortgage rates by decade.

Freddie Mac is projecting an increase in Mortgage Rates for 2014 and 2015.

Experts at Fannie Mae and the Mortgage Bankers Association are alerting the market that the expectation is a rise in 30 year fixed rates into 5 to 5.7% range over the next year.

What does this mean for buyers?  As you wait to join the homeowner market, the amount of home you can afford shrinks. Buyers who act now benefit from lower mortgage rates and lower home prices, as both are predicted to rise.