The economy, the Fed and inflation all have some influence over long-term fixed mortgage rates, which generally are pegged to yields on U.S. Treasury notes, so there's already been a creep up from record-low levels since the election and well before the Fed has made any official move.
The average 30-year fixed-rate mortgage is now about 4.38 percent — steadily moving further from the record low of 3.50 percent in December 2012.
With interest rates rising, adjustable-rate mortgages will certainly be heading higher too and those with an ARM "are a sitting duck for a big increase," McBride said.
One option to consider is refinancing.
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"There is no sense in bearing the risk of an adjustable rate when you can lock in a fixed rate at essentially the same level," he said.
Many homeowners with adjustable rate home equity lines of credit, which are pegged to the prime rate, also will be affected. But unlike an adjustable-rate mortgage, these loans reset immediately rather than once a year.
For example, a rate increase of 25 basis points would cause borrowers with a $50,000 HELOC to see a $10 to $11 increase in their next monthly payment, according to Mike Kinane, senior vice president of consumer lending at TD Bank.
While that's not a big change, those worried about the escalation of rates can often convert the balance into a fixed-rate option at any time, Kinane said.