So the ride begins. As long term mortgage interest rates start to go up it may be the time to sit down and firm up those plans be they to buy or refinance. As the bond rates fall long term mortgage rates go up. Recently several institutions have raised their 5 year rates. Time to speak to you lender of choice and at least secure the current rates as soon as possible this way you protect yourself.
The affordability is still very much in favour of the buyers but now might be the time to lock in and take advantage of the current very favourable low rates. Shrt term rates are still stable and low.