Mortgages have increased virtually overnight and have now increased almost more than half a percentage point from the previous month. This makes getting a second mortgage or refinancing a mortgage more costly than before. If at all possible, it would be better to wait to do any major home repairs that are not a necessity. Some will want and jump at this opportunity before it rises anymore, but I would personally wait until rates start decreasing again before getting a loan. If you do decide that you would still like to venture into the loan area, I would highly suggest a fixed loan since rates do not seem like they will be decreasing in the near future.