The Washington Post's Jonnelle Marte and Ylan Q. Mui report that American homebuyers looking to take advantage of the era of rock bottom mortgage rates should act soon, as that period could soon be coming to a close. 

While recent buyers have enjoyed interest rates under 4%, analysts predict that numbers will rise across the board—for all sorts of loans, particularly mortgages—once the Federal Reserve begins retracting its support for the American economy next month, which is widely expected. 

Already, rates have crept higher in anticipation of Fed action—and that is forcing both buyers and sellers to reevaluate their budgets and behaviors. Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent—about a $600-a-year difference on a $350,000 mortgage.

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