rate hike

Interest rates have gone higher in the last 3 weeks than they've gone in about 18 months. So we're kind of up in the air about what to do now. We're weighing our options. We really want to move, but our current interest rate is 5.325%, which is very good. The rates when we first talked to our lender about moving were about 5.8%, not that much higher than we currently have. Well, today, they jumped to about 6.625%, almost a full percentage point in less than 3 weeks!
By the time we have the house cleaned up, painted, etc, they may be over 7%. I realize that 7% isn't that bad when you compare over the last 20 years (in the 80s and 90s rates were double digits, and even when we bought this house, we had a rate of 6.75%...we refinanced to 5.325 about 2 yrs later.) but we're not sure we want to go up 2 or more %age points when we have such a nice low one now. I guess we'll just have to decide what's more important. Hopefully things will stabilize and by August or September they will start going down.
We're still fixing up the house. We worked on cleaning and getting rid of stuff all weekend. Matt cleaned out half of the unfinished part of the basement and I went through boxes of stuff and put a lot on craigslist to sell. The basement looks so nice and clean. This weekend, we're going to finish cleaning the other side. Matt took off the first week in July to start painting and installing flooring in the foyer and hall bath. We'll probably hold off on installing new carpet in the living room/hallway/steps until we decide if we want to sell or stay here. What kind of carpet we put in will depend on if we are staying here or not.
So at least we are still moving forward with the plan of moving, but if we get stuck here b/c of interest rates at least we'll be happy with the outcome of the house. It will be nice to have it looking the way we want it to.
So that's the latest....