Mortgage rates have eased over the past couple of weeks. Greece bores more than it titillates, and China's economy is on firmer footing than it was a month ago. On our side of the world, fewer people seem willing to speculate on when the Federal Reserve will raise interest rates.

There's not a lot going on, and that's reflected in lending rates. Mortgage rates are down, though purchase mortgage activity continues to climb. Last week, the Mortgage Bankers Association's survey showed application activity was up 1%. This lifts the year-over-year increase to 18%.

The mortgage market is robust, and should become even more robust. The MBA now forecasts that purchase originations will hit $801 billion this year and $885 billion in 2016. That's a $71 billion and $94 billion respective increase over the previous forecast.

Now is the time to act. Mortgage rates are lower, but the impetus is for them to rise longer term. Keep in mind, the impetus is there whether the Fed acts or not. Market participants are pushing for higher lending rates.

Also keep in mind that demand influences lending costs. If the MBA's forecast on mortgage activity materializes, there is less incentive on the suppliers' side to discount fees or offer other accommodations. The bottom line is that today's prices – both financing and real estate – are very likely better than tomorrow's prices.

Information provided by Jessica Regan.

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