I think there are some signs from offshore that long term rates are under pressure to go higher and have already done so. But the Fed is fighting this and has stated they will do whatever they need to do to keep rates low. I think we need to remember the phrase "don't fight the Fed" (Martin Zweig, "Winning on Wall Street").

Here in NZ we have the RBNZ which has more influence on short term rates equally hell bent on keeping rates low. The trading banks had spare cash on deposit with the RB of $16.3 B in February 2020. In February 2021, this amount had increased to $63.6 B. In that time the RB has printed $48 B so only $ 300M of it has gone into circulation, the rest is sitting at the RB earning the trading banks 0.25%.
At the same time the banks currently have something like $66B more on short term deposit than they had forecasted.

Based on this, I just can not see rates increasing anytime soon and despite thinking long and hard about moving some borrowings to 5 year terms, I can't bring myself to do it and will be renewing any upcoming fixed terms for 12 months.