You may have heard all of the sputtering talking heads going on and on about how it’s time to buy or refinance your mortgage now before rates get higher. This may be a little bit confusing to you if you’re not really sure if things will get better or worse in the housing markets. Here are a few key metrics to consider when you’re looking to buy or refinance your mortgage now before rates get higher.

Fed: One of the key metrics to deciding whether or not you should buy or refinance your mortgage now before rates get higher is the actions of the Federal Reserve. This is one of the most dull parts of watching the markets tick by but there are some changes afoot which could drastically change the dynamic. The Federal Reserve Chairman is allegedly on his way out and you never know what kind of new policies can affect interest rates which could thus in turn affect your ability to afford a home. Let’s just say that things have been awfully “cool” for an awfully long time, so it’s only a matter of course that interest rates are going to have to rise at some point.

Markets: Another thing to look for when you’re deciding whether or not to buy or refinance your mortgage now before rates get higher is the broader markets. Specifically the housing markets. It’s no secret that home prices have been stressed for a considerable period of time. That can only mean that things are going to have to turn around soon. So logic would dictate that now is the time to strike!

Personal: Finally what is your personal story? This may have less to do with your decision to refinance but it certainly has got some bearing on whether or not you should buy. Are you secure in your job? Have you just gotten a promotion or some kind of tenure? Have you consistently been earning money year over year? If these things are true and appear poised to continue for some time, then maybe you should think about buying a home. Buying a home presents some kind of stability and consistency in your overall future. Moreover, buying a home allows you to begin to build equity, have something of value, and cease “burning through” money every month with your rent payments.

Of course at the end of the day the decision to buy or refinance your mortgage now before rates get higher is the responsibility of each individual or family who is making this purchase. But if you are of the persuasion that all things which go down, must come back up, then maybe now is the time to take the plunge. Buying a home today, near the floor of the past few years in the housing market, allows you some kind of certainty in this fickle and unsure world we all live in.