Home rates are at historical lows and have been for the past year or so. Though they have started to see a rise since their lowest point in January 2021, it's not too late to take advantage of the savings today's rates offer. You haven't missed out on the savings, but waiting too long could cost you, according to real estate forecasts.

Despite the modest climb, rates remain lower than they've been in quite some time. In fact, today's rates are far more favorable than even those your parents or grandparents likely received. In order to obtain the best rate you can, though, you'll want to act fast.

It was quite recently, in late September, that we saw rates above 3% for the first time in many months. According to industry-wide experts, the rise is projected to continue in the foreseeable future. Let's take a closer look at what you can expect.

Over the next year, it's predicted that rates will go up a total of a half a percentage point or so, on average. That may seem insignificant, but that's not the case when you delve into how the numbers can play out over the life of a mortgage.

Looking at average quarter three forecasts, a $350,000 loan would cost about $1,475 per month at today's rates. That same payment next year, with an interest rate of approximately half a percentage point higher, will run around $1,580 per month. Imagine what you could do with that extra $100 every month. Then consider how much you'd be losing over the course of a 15 or 30-year mortgage.

As you can see, you can truly benefit from jumping on today's low rates, rather than waiting even a year for rates to fall again. Experts across the real estate industry's most trusted names like Fannie Mae and Freddie Mac agree that the numbers are only likely to climb in the foreseeable future.

So, if you've been considering a home purchase, now is the time to get more value for your money. You'll enjoy lower payments, so you can either choose a home with some of the most-desired amenities on your wish list or take that extra savings and invest it into your future. You could squirrel away a nest egg for renovations or repairs.

The bottom line is that it doesn't pay to wait in this situation. In order to further inform your decision, you'll want to talk to your lender to discuss the financing possibilities based on your individual circumstances. Do some research and consult with a real estate agent about homes for sale in Baton Rouge. You don't want to hesitate too long or it could end up costing you a lot of money.