Mortgage rates have surged over the past month, stifling the mini-boom in refinancings and putting Fed Chief Ben Bernanke’s plan to kick-start housing in doubt.

A short time ago a 30-year fixed mortgage below 5% was the rule. And the chart (data source from Bankrate) on the right underscores the surprise and shock many have experienced after recently attempting to refinance their mortgage or purchase a home.(...

Recent economic issues have forced mortgage rates to decline, therefore buying a home is a very attractive option for those who can take advantage of the low rates. Locking in a fixed rate means that your mortgage payment will not increase for the life of the loan. Almost 75 percent of all home mortgages are fixed interest rate mortgages.

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