BIllEmersonCNBCBill Emerson joined CNBC to discuss mortgage rates, the real estate market, and the affect rising rates is having on the economy.

The main message is clear. That while rates are rising, they are still very low and still offer a great opportunity for anyone wishing to save money with a refinance or home buyers.

Emerson also discusses how ARMs (adjustable rate mortgages) are likely to rise in popularity and how they are a great option to people who could benefit from the lower mortgage rates of ARMs. Emerson explained how ARMs are great for anyone who knows they are going to move or refinance before the fixed-rate period of the ARM ends.

For example, if you have a 7-year ARM, your rate is fixed for seven years. If you know you are moving in six years, it makes sense to get a 7-year ARM instead of a 30-year fixed. You’ll get a lower rate and save money. Pretty simple concept.

Check out the video and let us know what you think. These are interesting times in the mortgage industry, to say the least. Great time to buy a home and still a great time to save money with a refinance. However, rates are rising and the great times might not last forever.

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