Should I buy before interest rates increase more? Interest rates are on the rise.

For those new home buyers and investors sitting on the fence, now might be the best chance to purchase or refinance while the rates are still low. The week ending November 18th posted the highest 30-year fixed interest rate in three months.

According to the weekly survey from the government run mortgage giant Freddie Mac, mortgage rates averaged 4.39% for a 30-year fixed loan in their latest survey ending Thursday, November 18. That 4.39% is up .22% from the record low posted the week prior at 4.17%. The average rates on a 15-year fixed rate loan were 3.76%, which was up .19% from the 3.57% the prior week.

This average posted for the week ending November 18th is the highest average since the week ending August 19th. This average also marks the largest single week increase since June 2009; and follows a few months of an overall steady decline in rates. There were weeks where the rate would slightly increase or stay the same, but until now, rates have not significantly changed week to week.

These increases will likely lead to a short-term increase in loan refinancing activity. Many of the borrowers who were waiting for rates to drop lower, or bottom out before they decided to refinance, may now want to lock in the best home loan rate possible before they lose the chance.

Mortgage rates have started to rise despite the efforts by the Federal Reserve to buy up all the Treasury debt in order to keep interest rates low. The Federal Reserve spent around $1.3 trillion on mortgage backed securities trying to keep interest rates.

As far as refinancing, the Mortgage Bankers Association reported recently that refinancing activity has recently tumbled. The MBA has estimated that refinancing will continue to fall and will end up around $370 billion for the year. That is a significant decrease from the $1.3 trillion in 2009.