There will be “no option ARM time bomb explosion in 2012,” according to analysts at Deutsche Bank Securities. However, the projection is contingent on low interest rates, which analysts at Fitch Ratings warn are likely to increase in the coming years. “A potentially significant risk on the horizon is the prospect of rising interest rates,” Fitch said. Mortgage interest rates track closely with yields on 10-year Treasury bonds. Yields on the Treasury bonds are beginning…