To translate the difference in mortgage rate into dollars for a homeowner, consider a $200,000 loan. At 6.2%, the monthly payment would come out to $1,224.94, or $95 higher than the $1,129.31 monthly payment at 5.45%.

Mortgage rates move in tandem with Treasury yields. In particular, the 30-year fixed mortgage rate tracks the benchmark, 10-year Treasury yield. In recent days, that benchmark yield has spiked to levels not seen since November 2008.

With the government spending hand-over-fist to jumpstart the economy, the Treasury has been forced to sell unprecedented amounts of debt. The volume of supply has pushed down prices, sending yields higher. Yields and prices move in opposite direction.

Rising mortgage rates could slow a housing recovery, which the Obama administration has been working hard to jumpstart in an effort to start pulling the economy out of its recession.

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.