It's the first week of February and rates have risen since last week. Our 30-year fixed rate rose slightly from 3.25 percent to 3.5 percent, our 20-year fixed rate went up from 3.125 percent to 3.375 percent and our 15-year fixed rate jumped from 2.5 percent to 3 percent. Though rates are now on the uptick, the movement is slow, so you should still have time to take advantage of low rates before they rise too far from their record lows.
If you are still on the fence about refinancing, "there's no point to dilly-dally" said Frank Nothaft, Freddie Mac's chief economist in a USA Today article discussing the rise in rates and whether or not lower rates are in our future. Read the article to learn more about why rates are rising and why you should be refinancing now rather than later.