The holiday season is almost over and I am sure you are all coming out of your food and drink comas. As my sister-in-law says “I can’t even look at another cookie.”

I hope you all are not entirely done with 2010 because we still have New Years to look forward too. Once that classic Times Square ball drops we are officially headed into the great unknown of 2011. Many things could happen in a year, a month, a day or an hour, for example the continuing increase and decrease of mortgage rates.

According the a recent article in the New York Times, mortgage prices have probably dropped as low as they could go, and there is already evidence that they are on the rise.

If it is your New Years resolution to buy a new home and start that standard 30-year fixed rate mortgage. I would buy as soon as possible, there seems to be no better time than now. Christopher J. Mayer, a professor at Columbia University Business School, was quoted in the Times that “The window of low rates has left us.” They give us the example of the November rate being 4.17% and the rates increasing to 4.83% in just one month. The article also discusses how the requirements to apply for a mortgage might be tougher in the coming year.

So if you are in the market for a new home, I would buy now before things get worse. Don’t miss this window of opportunity.

If you have any questions about a mortgage, feel free to contact our mortgage advisor, John Lundholm, from Bank of America. He you would be happy to help.