Looking to lock a mortgage rate? I'm a contributor to the Bankrate.com Mortgage Rate Trend Index and this week's survey should give you guidance.

Conforming Mortgage Rate Forecast Only

By way of disclosure, the Bankrate.com survey is for conventional, conforming mortgages only. It does not apply to FHA streamline refinances nor is the survey specific to mortgage rates in Cincinnati, Ohio or Leesburg, Virginia, for example. Furthermore, unique property types including non-warrantable condos in Chicago, condotels in Florida, and the 5-10 Properties program may be excluded.

for a real-time rate quote.

Breaking Down The Predictions

Here's the survey panel's mortgage rate predictions:

• 33% predict mortgage rates will increase
• 11% predict mortgage rates will decrease
• 56% predict mortgage rates will remain unchanged

I expect mortgage rates to decrease.

My advice not be appropriate for your individual situation and I'm not always right. Ultimately, you may find your time better spent watching this compilation of the 100 Best Movie Insults Of All-Time.

Either way, here's what I told Bankrate.com:

"Rates ease lower, but don't get caught watching the paint dry. It's time to lock."

Mortgage rates have been falling for 14 weeks and it's easy to get complacent at a time like this. Don't.

The World's Pain Is YOUR Mortgage Rate Gain

Mortgage rates are lower than they've been in history.  You can thank the rest of the world for that.  What started as a general concern that Greece would default on its debt has spilled over to the entire Eurozone region.

Furthermore, there's doubts about the strength of China's recovery and with each additional drip of negative news, investors grow increasingly skittish.

It's a global gut check and stock markets are suffering. Wall Street is selling equities and indices are making new lows.  The early-year rally is stalling and bond markets are making gains.

Rate shoppers are winning big.

With government-backed mortgage bonds in high demand, 30-year fixed mortgage rates are now below 4.500 for folks willing to pay discount points and ARMs are now posting in the 2s.  Yes, the twos.

Who could ask for anything more?

Don't Be Greedy. Don't Be Greedy. Don't Be Greedy.

There's always a choice, brotha.

1. You can wait for mortgage rates to fall even lower
2. You can lock today's low rates, the proverbial bird-in-hand

I can't tell you what's best for you, but if the question of a refinance crosses your mind -- if even for moment -- make sure you talk to your loan officer to get the math.  No matter how long you've held your mortgage, there's a pretty good chance you can (1) Lower your mortgage rate, (2) Lower your mortgage payment, and (3) Keep your out-of-pocket costs to a minimum.

And while we're on the topic: Having a conversation with your friend or family member about "mortgage rates" is not the same thing as talking to a loan officer.  No offense, but Aunt Ginny just ain't plugged in to mortgages, mortgage bonds, and mortgage pricing.

Mortgage markets change rapidly, and without notice. We've seen huge rate spikes more than a few times this year so far it could definitely happen again.

When rates start to rise, they'll rise quickly.

Lock Your Mortgage Rate With A Quick Phone Call

Call my office today to give an application by phone. It's a 4-minute call and I can have a guaranteed interest rate in your hand within an hour. My number is 513-443-2020 or, if email is more your thing, and we can get started that way instead.

Either way, it's time to make a move. Rates will fall in the next week, but by how much really? Don't be greedy. Be smart.