Is anyone paying attention to these fast-rising long term interest rates?

[Writer]

I'm getting concerned. We refinanced into a short term loan a few years ago, not for budgeting, but so we can pay down more principle. I've been holding on to that low interest rate as long as possible so we can pay down more principle, but I'm watching daily rises in interest rates of 1/3% or more, so I think I may go ahead and switch back to a fixed. We like our house and want to stay.

But has anyone seen a trend like this before? Since May long term rates have skyrocketed by approximately 1% APR. I'm thinking that by next year we'll see upwards of 8% or better on a 30 year-fixed.

Egads! Scary!