In case you missed it, interest rates popped up another 10 basis points from this time last week. And if you didn’t miss it but didn’t pay much attention to it you might want to change your mind, especially if you’re in the process of building a brand new rental property. New Fed Chair Janet Yellen madehigher rates ahead the comment earlier last week that the Fed will raise the Fed Funds rate. Not only did she say that she gave a timeline—six months after the end of QE II.

The announcement startled a few investors, especially those who buy and sell mortgage backed securities and Treasuries for a living. They know what once the Fed begins to raise the Fed Funds rate, the Discount rate or more likely both of them, borrowing costs for consumers will rise both in anticipation as well as reaction. For those financing new construction, their loans just got a little more expensive.

The QE II program is the name given the quantitative easing “round II” stimulus that purchased $85 billion in bonds and Treasuries to help keep rates low. No one really knew when the pullback, or tapering would begin only that the program would end. The Fed finally did begin pulling the plug and reduced the monthly purchases by $10B at each FOMC meeting. Today, the purchases are a $55B and at the current rate, the end of the program will be around mid-October. That means the Fed will begin raising rates sometime near March or April of 2015.

For real estate investors, those who are building new as well as existing homes, it’s time to start planning for slightly higher borrowing costs. And if you’re one of those who can pull the trigger on a deal now it might be time to do just that. Rates aren’t going any lower. And the Fed just told you when they will go up.