[Update 5 pm] The 2-day total at Fairbanks airport stands at 3.37". Significant rises are being observed and predicted for area rivers; by this time tomorrow the Tanana River at Nenana is expected to be quite close to a moderate flood stage:
[Update 10 am AKDT: with the event apparently winding down now, the 2-day total is up to 3.31", making this (so far) the 3rd heaviest 2-day event on record in Fairbanks. According to the NOAA precipitation atlas, the average recurrence interval for this is about 50 years. Brian supplied more statistics in the comments below.]
The third major rainstorm in a two-week period for the Alaskan interior is proving to be the heaviest, by far, for the Fairbanks area. Rainfall since midnight Monday night has amounted to 2.67" at Fairbanks airport, and it's still falling heavily. This is an extraordinarily high amount for interior Alaska; here are the top 5 non-overlapping 2-day precipitation totals for Fairbanks:
Aug 11-12, 1967 4.29"
Jul 26-27, 2003 3.43"
Jul 19-20, 1948 2.81"
Jul 1-2, 2014 2.67"+
Aug 27-28, 1930 2.40"
There will be much more to say when all is said and done, and I expect Rick and Brian will contribute other precipitation totals, but for now here is a map of 24-hour totals from the NWS mesonet page: