After spending some time below 5%, most mortgage lenders are quoting rates above 5%. With the prospect of economic recovery combining with the fact that housing starts are rebounding providing some hope, mortgage interest rates are on the rise.

However, even if you don’t lock in a rate right now, you are still likely to be able to reap the benefits associated with historically low mortgage interest rates in general. Even with refinancing, it is possible to get a reasonably low rate.

If you have been thinking about buying a home, or about refinancing, now might be a good time to consider it. If you plan to refinance, do a cost-benefit analysis to see if the savings from having a lower mortgage interest rate outweigh the fees that you might have to pay for the refinance.