With interest rates averaging about 4 percent on a 30-year fixed mortgage, some homeowners are wondering whether it’s the last call to refinance before rates climb higher.

Experts like Jonathan Corr, CEO of Ellie Mae, a provider of on-demand mortgage software and services in Pleasanton, California, anticipate fixed rates will go up from 4.2 percent to 4.5-4.6 percent by year end.

But whether it makes sense to refi depends on several factors.

  • Race to refinance?

Don’t let the interest rate tail wag the dog. “The refinance question shouldn’t be based on market timing, because it’s too difficult. It comes down to whether it truly makes sense or not, wherever interest rates are,” says Casey Fleming, author of “The Loan Guide: How to Get the Best Possible Mortgage.”

  • It’s about you.

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How many years do you have left on your loan? If you have more than 15 years, refinancing may be ideal, says Michael Foguth, founder of Foguth Financial Group in Brighton, Michigan.

Do you want to shorten your term and overall interest expense? Do you need money for a project or educational expense? “If so, investigate your options with a lender,” says Chuck Price, vice president of lending at Westbury-based credit union NEFCU.

  • Think about the long term.

Kimberly Sheppard-Hope, a senior loan officer at Quontic Bank’s loan production office in Melville, says, “Consider how a refi fits in with your long-term goals.”