There is a consensus out there, that the market is right for the Fed to increase interest rates by 25 basis points in August and then another in September or October.  This would bring it back to 2.5%.  

Still low, but a 50 basis point increase will affect adjustable rate loans like equity lines of credit.  The last few months have been a noticeable reprieve in rates but something must be done about the weak dollar and raising the rate will  help stabilize the dollar and maybe the prices for imports like oil, which has been hitting record highs and is having a negative side affect on the economy and maybe inflation. 

At 50bp the economy won't be hit  too much, expert say, but there will be some effects.  With the increase some of us will have to pay more for adjustable rate loans.  50bp is not a lot but it will decrease your cash flow.