I came across this article which I thought did a great job of explaining the phenomenon of people rushing out to buy a house in August just to take advantage of lower rates, BUT, they are still low and could go lower yet. Rushing out to buy, just to get a lower rate, but then overpaying for a house, happens more often than people admit.
http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/home-shoppers-dont-rush-to-buy-just-to-lock-in-a-cheap-mortgage/article14217271/