The economy continues to stutter along. Wall Street continues it's never ending roller coaster ride and the country's credit rating is downgraded for the first time in history and since the federal government backs every single financial institution across the U.S., what does that mean for you, especially when it comes to getting a mortgage?

"This could make it more expensive for the consumer to get a mortgage because it may drive interest rates higher. It has not done anything currently, but that's what everyone is projecting. The potential could be more expensive for the home buyer," said John Barscz, a mortgage banker.

Potentially. That's a strong word and an encouraging word, because even with all the uncertainty in the market, interest rates remain at historically low levels.

"Currently rates are extremely low. Actually, over the past several weeks, they've dropped a little bit, which has spurred on quite a bit of purchase activity. If you're looking to buy I wouldn't wait," said Barscz.

A question to keep in mind is what happens with your mortgage when say the bank your mortgage is through merges with or is bought by another bank? And will the terms stay the same?

"During those transactions it's usually pretty seamless. The only thing that happens is, to whom you mail your payment to might change. But the terms and conditions of your payment do not change," said Barscz.

Keep in mind, it hasn't gotten harder to get a loan, it just may cost you more. Banks may add additional fees and if interest rates do go up, unless you have perfect credit, you most likely won't be quoted the best rate.