Should Consumers Buy or Refinance Now or Wait?

Interest rates are low, but they won't stay that way forever, as the Federal Reserve just declined to raise the federal funds rate.

That's what banks charge each other and it ends up impacting what you pay. So if you're looking to buy a house or refinance, what should you do?

Experts say there's no rush, but suggest starting to consider your options now because rates won't stay low forever. Ken Goodgames with the credit counseling agency Transformance said eventual rate hikes, even if small, end up hitting people with variable rates the most.

"This is the time to refi, because if you think of some of the adjustable rate mortgages that were out there, they were pretty high several years ago" he said. "They can save themselves a ton of money just by moving it to a fixed-rate option."

The same goes for switching to from a 30-year mortgage to a 15-year mortgage before rates go up. The Fed is now expected to hike the federal funds rate twice this year and twice next year.

The Fed says there are three instances when you should skip refinancing altogether.

If you've had your mortgage for a long time.
If your mortgage has a prepayment penalty.
If you plan to move in the next few years.

Many experts think the next hike won't happen till at least this summer, so you have time to weigh your options. The Federal Reserve has a guide on refinancing here.