Mortgage rates will likely stay near historic lows for the near future but could spike at any moment, Quicken Loans CEO Bill Emerson said Monday on CNBC.
"If you're in the market right now to refinance or purchase, when you think about rates and you think about affordability, it's probably the best time ever to do it," he said on "Fast Money."
When mortgage interest rates rise once again, Emerson added, there's "never any indication that's going to happen."
Emerson said he believed that the Federal Reserve would keep interest rates low through 2015 as part of its effort to stimulate the ecomony.
Regardless of who wins the presidential election, rates still have some time to stay low, he said.
In the event that Mitt Romney defeats President Barack Obama, there would be a learning curve that would prevent immediate drastic changes in monetary policy.
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