Mortgage rates are close to a record low and probably won’t stay there much longer. Experts say it’s time to get a loan now, or you’ll end up with a higher rate later.

The benchmark 30-year fixed-rate mortgage fell 4 basis points this week, to 5.11%, its lowest point of 2010, according to the Bankrate.com national survey of large lenders. (A basis point is one-hundredth of 1 percentage point.) One year ago, the mortgage index was at 5.34%; four weeks ago, it was at 5.15%.

On Nov. 25, the 30-year mortgage hit 5%, the lowest point in the history of Bankrate’s survey, which started in 1976.

Also this week, the benchmark 15-year fixed-rate mortgage fell 1 basis point, to 4.51%. The benchmark 5/1 adjustable-rate mortgage fell 5 basis points, also to 4.51%.

Mortgage professionals believe rates are poised to jump sharply within a few weeks. For those who are willing and able to refinance, it is time to act. Homebuyers tend to be more influenced by home prices than by mortgage rates, but they should keep in mind that mortgage rates could be a full percentage point higher a year from now.

~ By Bankrate.com