BEND, Ore. (CNN/Money) – Friday's surprisingly strong job report is good news for job seekers but worrisome for homeowners who had been planning to jump on the latest refinance boom.

In anticipation of the rosy job report, mortgage rates increased slightly this week, with the 30-year fixed-rate mortgage averaging 5.52 percent for the week ending April 1, according to Freddie Mac.

With the report now out, rates could come up even more. "Most lenders will increase rates by a quarter to three-eighths of a percent today," said Anthony Hsieh, CEO of HomeLoanCenter.com "Remember, rates move up of a lot faster than they come down."

Does that mean you blew your chance to refinance?

"The answer," said Hsieh, "is definitely no."

Homeowners (and buyers) who were looking to refinance with a 30-year fixed rate still have a good shot at locking in a rate that's well below 6 percent, which is quite a bargain.

"Consumers might think the bloom is off the refi rose, but that's wrong," said Michael Barron, CEO of Consumer Direct of America. He explained that refinancing activity is often driven by the perception of whether rates are high or low, rather than reality.

"The buzz may be gone, but the fundamentals are still here," he argued. "Rates are still near 45-year lows."

Besides, said Barron, many of the people who are refinancing now aren't seeking a slightly better rate on their 30-year mortgage. Chances are, they did that the last time rates were near record lows.

Recently, most of his firm's customers have been looking to cut their monthly payments by moving to adjustable-rate mortgages (ARMs) or interest-only mortgages, or they're using cash-out refinancing to take equity out of their home to pay off debt or pay for college.

"People are now rethinking how they finance their homes," said Peter DiMartino, managing director at RBS Greenwich Capital Markets. "Homeowners no longer view their homes as a 30-year asset."

As such, they're increasingly less will willing to pay an extra 1 percent to 2 percent more for the security of a 30-year fixed-rate loan when they know they can lock in a lower rate for five to seven years using an ARM.

"I don't think the refi window has closed," DiMartino added. "People can still save a heck of a lot of money by just changing products."

Still, there's a lot to be said for buzz if you're in the business of home mortgages.

Last week, refinance volume reached its highest level in eight months, the Mortgage Bankers Association (MBA) reported.

With today's buzz about rates going up, said Hsieh, there may be a mad dash to refinance while rates are still low.

After a few weeks, however, Hsieh expects demand for refinancing to taper off. That is, of course, until rates come down again.