It's coming regardless. We'll go down at first, but it will act as a positive. We need to raise rates. All the things did for banks in the last year will more then make up for any rate increases. Don't sweat it.
Of course interest rates will go up. They are at the bottom. In the meantime, the banks lined up and borrowed money at 2%, and will lend it out at 6.5%. That markup is a lot better than they were doing on standard mortgages for many of the last years.
The markup is one of the reason all those risky and ARMs were loaned out. The banks loved those risky loans that they could charge a higher interest rate on. Now, they will tighten their lending up, but probably will still have a pretty good markup.