As the economy begins to reopen, the expectation is for mortgage and refinance rates to grow. But that doesn’t mean rates will shoot up overnight.

So far, the increase in rates has come with ups and downs marked by a gradual rise over time. And today’s mortgage interest rates are still low when you look at mortgage rate history .

That means those looking to buy a home, and homeowners who haven’t refinanced, still have a chance to lock in exceptionally low rates.

While no one has a crystal ball when it comes to predicting mortgage rate trends, the general consensus of the experts we talked to is that it’s likely rates will inch upward by the end of 2021.

Although the average 30-year and 15-year fixed mortgage rates have dipped recently, it’s likely that rates will increase in the second half of 2021.

Some experts forecast mortgage rates to stay fairly low this summer . So the rise in rates may be less severe than originally anticipated. “We initially expected rates to approach 3.4% by the end of 2021. While those levels are certainly possible, it’s more likely that we’ll have a more gradual uptrend,” says Danielle Hale, chief economist with Realtor.com. “This would mean that rates will likely near 3.25% by year-end.”

If you have not refinanced yet but would benefit from lower rates (or eliminating PMI due to appreciation of your home) you still have time, so reach out today to a Good Friend to see if it makes sense to Refinance before rates increase.