After news of record-low mortgage rates, it seems that the housing slump is making an upward turn and may be on track to stay that way. After bottoming out at 3.49 percent at the end of July, the 30-year fixed mortgage rate took a slight recovery at 3.62 percent in August. But this was before an intervention by the Federal Reserve that promised to suppress the rates once again.

Several indicators can be cited when searching for a reason for the initial rate increase. Ten-year treasury bonds, which are considered indicators of the overall economy’s health, also increased. On another positive note, the excess housing inventory is diminishing; the country is currently at 2.1 percent of for sale vacancies.

The rise in borrowing costs were likely to push even more consumers into the buying market in an attempt to take advantage of the best mortgage rates before they disappear. However, there are several factors for a case to the contrary. After the Federal Reserve released its own statement in late August about the possibility of contributing more currency to the market, rates eased downward again. Also, housing sales typically slow down during autumn and winter.

With the back and forth on interest rates still not divulging a clear outcome, is it time for you to move on a new home? The answer depends on your financial outlook. Market indicators aside, clear indicators of your own success as a homeowner include a solid credit history, a low debt-to-income ratio and enough money for a down payment of 10 to 20 percent of the home’s total value. If you you can check these assets off the list, now is certainly the time to buy because you can lock in a near record-low interest rate, saving yourself thousands of dollars over the long term.

If you’ve never considered buying before now, that doesn’t necessarily mean that you shouldn’t. However, there’s a good chance that you’d be left scrambling for a down payment to take advantage of low borrowing costs. In addition, many lenders have eased their restrictions to make it easier to qualify for a home loan. While this could be an advantage to many, only you can determine whether you’re ready to take on a mortgage, so it’s best to do the math before you commit to buying a home.

And remember, no matter what the market rates look like, it’s important to find an attentive and trustworthy lender. If you want to find out more about what to expect from mortgage rates this autumn as well as what you should look for in a lender, you can use online resources such as Rate Supermarket. Then, start your search for a lender by contacting your primary banking financial institution.