Planning for future interest rate hikes

[Brady Pratt]

I'm curious to see how other investors are planning for potential interest rate increases in the future and what can be done to mitigate risk. Just for reference, every property we own is 8+ units and all loans are under $1mm, so I'm assuming Fannie/Freddie are out (unless I'm misinformed). All of our current loans are structured similarly with a 5 year balloon and a 15 or 20 year amortization. The cash flow is sufficient now that a 3-4 point increase wouldn't bury us, but things start getting tight after that. One of the lenders I've spoken with would be willing to do 5 years after the initial term at 0.5 over prime, but I've had no luck getting any 10 year terms. 

With all that said, where do you see interest rates going in 3-5 years? Is this a valid concern? If so, would you keep trying to find a lender that will go for a longer term (and probably a higher rate) or just keep doing business as usual?