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Mortgage interest rates dipped dramatically last week in what many are saying could be the last chance for consumers to lock in a historically low rate before they go up.

Minutes from the Federal Reserve’s March meeting, released last week, showed policymakers are concerned about inflationary pressures and plan to take an aggressive stance. On this news, the bond market rallied, bringing mortgage rates down to lows not seen in six months. But to fight inflation, the Federal Reserve is likely to boost short-term rates at its next few meetings and longer term rates are expected to trend upward, too.

The message for those thinking about purchasing a new home or refinancing their existing mortgage is clear-rates are on the rise and this could be the last chance to lock in a historically low mortgage rate.

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