Weren't mortgage rates supposed to be at 6% by now? Remember all the discussion a year ago about how there was no way mortgage rates could stay low with all of the talk about QE2 ending, eventual inflation, oil prices, risk premium for Treasuries, etc? Well, here we are 12 months later and mortgage rates still sit at or around all time lows. Now how do we predict where they go from here? Or can we predict? While it is extremely difficult if not nearly impossible to predict the mindset of Wall Street capital, I think we would all agree that the long term prospect is that mortgage rates will increase. How high and when, no one knows. However, in the short term defined as the next 12 months, I just don't see enough positive indicators to suggest that mortgage rates are headed much higher than where they are now.