Home ownership is very attractive now and will continue to be for the short term as we continue to see improvement in our local real estate market. For potential buyers, the best news is that forecasted mortgage rates are expected to stay low over the next few years. This timeframe allows plenty of time for potential homeowners to plan, repair/improve credit history, and save money for down payments on a new home in the years ahead.

Mortgage giant Fannie Mae recently offered some predictions of what the housing market's "normal" will look like in the next two years.

In its report, "Transition to 'Normal'?", Fannie says while the housing market has shown improvement, uncertainty remains over both the economy and the real estate market.

"Our forecast is that 2013 and 2014 will exhibit below-potential economic growth," according to the white paper. "This is despite the fact that we expect the housing rebound will continue and that the economy will benefit from the gradual increased growth of U.S.-based manufacturing, as well as the expansion of domestic energy production."

The following are some of the projections Fannie made in its report:

• Mortgage rates to stay low: Fannie Mae expects mortgage rates to remain low over the next few years. The mortgage giant expects rates will increase to no more than 4.2 percent by the end of 2014.