The era of near 4 percent mortgage rates has ended after a quick rate rise since early November.
The average 30-year fixed mortgage rate has risen to 4.86 percent from 4.17 percent, according to Freddie Mac's weekly mortgage market survey.
Rates haven't been this high since May and forecasters now predict them to remain between 5 percent and 6 percent for all of 2011.
The increase from 4.25 percent to 5 percent will push payments higher for homebuyers and reduce purchasing power by almost 10 percent.
