And yet, according to Bankrate’s senior financial analyst, Greg McBride, rates are still attractive. “A lot of borrowers who have adjustable rate mortgages or interest-only loans are sitting ducks for large payment increases,” McBride says.

Believe it or not, McBride says it’s still a great time to refinance into a fixed rate loan that will “give you some certainty as to what that monthly payment will be.” The fact that fixed rates have gone up in recent weeks just adds a little bit of urgency to doing it now.

Mortgage rates are expected to continue their steady climb higher. McBride says he expects a 30-year fixed rate loan winding up at just under 7 percent by the end of the year.

For More Information:

Mortgage Rates Hit 4-Year High

U.S. homebuyers feel pinch of rising mortgage rates

Variable-rate mortgages mean foreclosures