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Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.05% this week, up from 4.81% for the week beginning January 31st.  Economists predict that the 30-year fixed-rate would have to rise above 6% to have a major impact on sales.  They also predict that once rates rise above 5.50% that government action would be triggered to keep the rates from rising any further toward 6.0%. 

Even though rates have been rising since early November of 2010, they're still low by historical standards. Since early 1991, 30-year fixed loans have averaged 6.9%, Cameron Findlay from LendingTree.com says. Since February 2001, they averaged 5.93%. 

Higher interest rates might have a bigger impact on refinancing activity than on purchases of new and existing homes.  Refinancing applications fell 8% for the week ended Feb. 4 as interest rates jumped, according to the Mortgage Bankers Association.

Mortgage rates closely follow yields on 10-year Treasury bonds, which have been rising since early November of last year.