Mortgage rates are still at record lows, but they won't last forever. Here's why you might want to refinance ASAP.

Refinance rates on 30-year mortgages subtracted 6 basis points for a second consecutive day Wednesday, reducing the national average to 6.71%. That lowers it from a recent two-month high, but it remains 70 basis points above the 19-month low we saw Sept. 16—when the average sank to 6.01%.

As of Oct. 18, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.63%, which is 0.13 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.88%, which is also 0.13 percentage points higher than yesterday.

The rate on a 30-year fixed refinance inched up today. Refinancing rates for a 30-year, fixed-mortgage are averaging 7.09%, according to Curinos. For 15-year fixed mortgages, the average refinance rate is 6.

After waiting years for interest rate cuts from the Federal Reserve, home buyers are now facing even higher mortgage rates.

The average rate on a 30-year mortgage in the United States rose for the third week in a row, reaching its highest level in eight weeks. The rate rose to 6.44 percent from 6.32 percent last week, mortgage buyer Freddie Mac said Thursday.

Mortgage rates rose to the highest level in nearly two months. The average rate on a standard 30-year fixed mortgage rose to 6.44%, according to a survey of lenders released Thursday by the mortgage-finance company Freddie Mac.

TRREB: Housing market might not rebound for another year Jason Mercer, chief market analyst at Toronto Regional Real Estate Board, talks with Financial Post’s Larysa Harapyn about how the housing market might not rebound for another year.

Skyrocketing housing costs in the U.S. are making it difficult for some homeowners in certain areas to consistently cover their monthly mortgage payments, according to a recent report.