Looking to lock a mortgage rate this week? Wondering if you should float your rate instead?  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, these mortgage rate predictions are for Fannie Mae and Freddie Mae mortgages only. The survey is national, covering Cincinnati, Ohio; Potomac, Maryland; and, everywhere else.  FHA streamline refinances are not covered because FHA mortgage rates are based on GNMA securities. Furthermore, unique property types including non-warrantable condos in Florida, condotels in Chicago, and loans for investors with more than 4 properties financed are excluded.

for a real-time rate quote.

Breaking Down The Predictions

Here's the mortgage rate predictions for the next week:

• 22% predict mortgage rates will increase
• 11% predict mortgage rates will decrease
• 67% predict mortgage rates will remain unchanged

I expect mortgage rates to increase.

My advice not be appropriate for your individual situation and I'm not always right. Ultimately, you may find your time better spent watching a construction paper re-enactment of every original Mortal Kombat death move.

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

"It's been three weeks with no change whatsoever. Rates have troughed. Increases are ahead."

Mortgage markets can't seem to break through resistance. It's signal that higher rates are coming.

For Mortgage Rates Clues, Watch Patterns

Mortgage rates are based on the price of mortgage-backed bonds and, like stocks, bonds respond to changes in economic data including inflation readings, jobs surveys, and housing reports. It's called "fundamental trading"; changing your risk positions based on measurable, quantifiable data.

However, there's another, equally-important type of market-making called "technical trading".

Technical trading is pattern-based trading, using historical trends and algorithms to predict where an asset's price will go next. Trading is carried out by software looking for peaks, valleys, and humps in an asset's pricing history with the assumption they'll repeat themselves.

Today, despite fundamental reasons for mortgage rates to fall, technical reasons are keeping them up.  Mortgage rates have tried to cut lower for 3 weeks now but can't seem to break through. This is technical trading in the wild.

When rates can't go lower, they must go up instead.

Rates Will Fall Again, But Not For A Few Weeks

30-year fixed mortgage rates are in the 4s.  5-year ARMs are in the 3s.  Rates like this warrant a phone call to your lender to at least ask about a refinance.

Call your loan officer and get the math. There's an excellent chance that refinancing your home will lower your mortgage rate and lower your bills substantially.  And, if you're worried about increasing your loan balance, just ask for a "zero cost" mortgage -- the rates on those are really low, too.

Just don't twiddle your thumbs.

Mortgage rates wait for no one and spikes can happen quickly.  The good news, though, is that technical trading factors will eventually bring mortgage rates back lower -- that just may not happen in the time frame in which you need it.

There's no time like the present, in other words.

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. .

Mortgage rates in Cincinnati are low.  Really low.  Like, 30-year-fixed-under-5-percent low.

It's astounding, really.  Mortgage rates weren't supposed to drop this low but that's not stopping people from looking the mortgage gift horse in the mouth.

Mortgage Rates Are Range-Bound

Lately, we've been talking about technical trading. "Technical trading" sounds complicated but it's not.  Technical trading is all about patterns and the markets' tendency to repeat itself over time.

Ironically, technical trading can be a self-fulfilling prophecy. If investors expect a certain pattern in pricing to occur, they make trades around that particular expectation and, ultimately, it happens.

Technical trading may also describe why mortgage rates can't seem to fall too low, or rise too high.  Looking back almost a year-and-a-half, the mortgage bond market can't break a range.

But don't just take my word for it -- check the chart plotting the Freddie Mac average 30-year fixed mortgage rate between December 2008 and May 2010.

Rates break above 5.250 percent and fall below 5.000 at times, but spend most of the time in between.

Freddie Mac Mortgage Rates Aren't "Zero Points" Rates

Right now, we're below 5 percent.  Rates are terrific.  But there's a catch! The Freddie Mac rates aren't "real" rate quotes -- they're partial rate quotes.

Freddie Mac's reported rates don't account for the mandatory discount points required to actually get the rates.  The mortgage rate is only half the puzzle, in other words. To get your loan officer to give you the Freddie Mac rates, he'll ask you to pay an average of 0.7 points at closing.

Alternatively, you can opt for a zero-points loan.  This will result in the lender raising your rate by about a quarter.

Patterns Repeat And 5 Percent Rates Will Return Soon

Mortgage rates are rising. 5 percent, 30-year fixeds will be here soon.

Look at the patterns in the chart to see for yourself.  Last week, mortgage rates fell to the same low levels as 3 times before, and, each time, rates bounced right back to 5 percent:

1. March 2009
2. May 2009
3. November 2009

Oh, and also worth noting?  Mortgage rates haven't come close to that fabled "no closing costs at 4.500 percent" setup that people seem to be holding out for.  It's never existed and, based on patterns, it probably won't.  Not unless you opt for an adjustable-rate mortgage (which is fine, too).

You can send me an email about switching to an ARM if you have questions.

Lock Your Mortgage Rate Before Mortgage Rates Rise

Mortgage rates are unnaturally low today.  They will rise back to 5 percent or higher. Right now, they're less than that.

If you're scouting mortgage rates and wondering what today's pricing look like, and I'll help you get the day's rates for your individual situation.  Rates change quickly so send the email right away. Even one day too late can be one day too late.

It happened last June. Rates rose one full percent in just a week.  Really!

I answer all my own emails.  .

This 1-minute video discusses today's mortgage rates, "pattern" trading, and why today may be a good day to get locked in.  If you've been reading this site for weeks in search of rate lock clues, this video spells it out for you.

To get locked, call me or . We'll get you protected before rates start changing.