Mortgage rates increased by as much as 1 percent on some lenders while the 30-year-rate went above the 5% last week reaching an average of 5.45% on Thursday. This was the highest level recorded this year, but saw some break Friday as the rate went back to 5.27%.

For FreddieMac’s Primary Mortgage Market Survey, the average rate for a 30-year fixed mortgage is back at 4.91 percent this week, up from 4.82 percent last week, Freddie Mac said Thursday.

Still, the days of below-5% mortgage rates may be over if not will not take a long while. This could discourage some of the potential home borrowers and threaten further the long depressed the sluggish housing market. As an effect of the mortgage rate increase, a half-point rate increase would mean an additional $30 a month in mortgage payments for every $100,000 borrowed.

With this development, many homeowners who waited and are still waiting for rates to fall further are now worried that they already missed out the chance of purchasing or refinancing loans at a lower cost.

The bond market affects the price of a home loan as it closely follows the yield on the 10-year Treasury note. The 10-year note went higher than 3.7 percent last week. It had stayed below 3 percent most of the year until late April, when the rate broke through the 3 percent barrier. The 30-year fixed mortgage rate hit a record low of 4.78 percent in April.