Is is that big of a deal if interest rates go up?

Yes!!!! Did you know that an increase of 1% on an interest rate for $100,000 = approx $12,000 dollars less house for the same payment? So if you are looking at getting a loan of say $250,000-$300,000 that would cost you $30,000-$36,000!!!  Rates are expected to go up. You better get on it! Call me with any questions!