Mortgage rates below 5 percent won't likely last much longer. The Federal Reserve has been keeping them artificially low for several months by buying up mortgage securites issued by Freddie Mac and Fannie Mae.

That'll likely end at the end of this month, ending what has been a historic season for investors. Rates dropped as low as 4.71 percent in December. The Associated Press reports the average rate for a 30-year fixed rate mortgage is just under 5 percent.

If rates do start rising, it could throw a wrench in the fragile housing industry just as it prepares to join the recovery. It could have a major impact on the rest of the economy too, as spring home buying and building could send a ripple through the rest of the economy. The Fed has left the door open to extend the program should it become necessary.

The central bank's program and an aggressive tax credit for home purchasers are driving much of the housing industry these days. Realtors say the low rates and the deadline for an end to the tax credit are motivating buyers and sellers.

Borrowers are the winners here. It'll take a few weeks to see if the Fed's pullout will impact the supply and rates of home mortgages. Until then, it'll be open season on home loans. Who knows when mortgages under 5 percent will be here again?