Low mortgage rates "living on borrowed time," could climb next month

The best mortgage refinancing deals may soon be history.

"Low mortgage rates are already living on borrowed time," says Richard Barrington, a consultant for Moneyrates.com. "There absolutely should be a sense of urgency."

Inklings of an improving economy combined with the Federal Reserve's intention to wean us from government subsidies could nudge interest rates, which are currently under 5% for fixed-rate mortgage loans, upward. Current estimates call for a rate increase of somewhere between 0.5 and 1 percentage point as early as next month, with some economists projecting an even higher uptick.