We’ve been looking at some rate charts over the past 24 months and wanted to share with you our thoughts. When looking at conventional mortgage rates for investors since September 2011, exactly two years ago rates are just about one-half the time to invest in real estate is nowpercent higher now compared to then. In fact, we’ve been in this somewhat cyclical range for the past 24 months, with rates moving between 3.41 percent and 4.49 percent.

That may sound like a lot at first, but for rates to stay within such a tight range for such an extended period of time is uncommon. Historically, when rates hit a bottom and investors think the economy is on the mend, investors sell bonds and buy equities, pushing stock prices and interest rates higher. But there have really been no wild swings during that period with the exception of course of the one percent jump we saw last summer. Other than that, it’s been rather predictable. Or at minimum not surprising.

Okay, so what might September 2014 look like? There are two main factors at play here, the tepid economy and the Fed’s quantitative easing. One of the primary drivers of the economy is consumer spending. And consumers spend more when a) they feel confident about their jobs and the economy and 2) there are more consumers on the payroll.

The unemployment rate has gradually dropped but there are fewer people in the workforce with many out of work Americans simply giving up looking. When those people consider themselves no longer active in the job-hunting market they’re taken out of the unemployment rate picture. They don’t count anymore. So yes, the unemployment rate is drifting lower but fewer people want work or quit the employment game entirely.

And the new Fed Chair who will replace Ben Bernanke next January is thought to be on the side keeping the pump primed with funds which increases the likelihood that the Quantitative Easing II campaign might end later rather than sooner.

The guess? We’ll just bet that rates will be in the neighborhood one year from now where they are today. However, we also think that home prices across the board will still show solid gains. If you think you’ve got some time to spare because rates are timid, by ignoring home values you’ll regret it.