Interest rates are at all-time lows and are expected to stay low through most of this year. However, toward the end of 2013, most experts believe that rates will begin to increase demonstrating now is the time to take advantage of the market.
The Federal Reserve has been implementing an aggressive monetary policy to keep the interest rates low by purchasing long-term treasury and mortgage-packed securities. Therefore, in reality these low rates are artificial. Economic conditions are improving slowly and as a result the Fed is expected to cease this aggressive policy. Considering these expectations, there is no guarantee on a specific time when the rates will increase, but it is likely that it will happen suddenly and quickly. Demand is continuing to exceed supply, but expectedly supply for the available properties is continuing to moderate as we get further into 2013. With this uncertainty and high-risk it is not recommended to try and time the market.
Currently multi-family asset interest rates and retail and commercial asset interest rates are at all-time lows. Gains associated with locking in a lower rate today will more than likely trump the cost of refinancing if you take advantage of these record rates.