It may be time to kiss record low mortgage rates goodbye. They jumped this week, as investors
bought into the notion that the economy in the U.S. is strengthening and the situation in Europe
is stabilizing.

The benchmark 30 year fixed rate mortgage rose 14 basis points this week, to 4.9 percent, according
to the Bankrate.com national survey of lenders.

A basis-point is one-hundredth of one percentage point. The mortgages in this weeks survey had an
average total of 0.42 discount and origination points. One year ago, the mortgage index was 4.96 percent,
four weeks ago it was 4.16 percent.

The optimism among investors may wear off, but it's unlikely rates will return to the bottom, said
a spokesman for Quicken Loans.

"I think we have seen the absolutely lows." Most of the recent economic data including the jobs
report, indicate a positive sign.

"Nearly 13 million people remain unemployed. I think the optimism is short-lived." But I don't think
that we are going back to the yields of 1.7 percent on the 10 year Treasury note."

The yield on the 10 year Treasury note remained below or close to 2 percent when the rates reached
the bottom. This was one of the forces pushing rates down.

"Should you wait? Probably not, said the mortgage experts. Years from now, you will hear stories of how
you could get a 30 year fixed rate mortgage of 4.5 percent."