One of the key reasons real estate agents and others often cite for buying a home now is that historically low mortgage rates won't last forever.
And they're right.
Clearly this is the time to buy the homes or home owners who want to refinance should act soon if they want to take advantage of today's low interest rates and avoid forecasted mortgage hikes, Home buyers who want to wait for lower home prices should weigh the advantages of a lower home price against the risk of a higher interest rate.
For home buyers, its just common sense that once there are clear signals of recovery, demands will pick up. Being a little early/ahead of the curve gives buyers more elbow room.