Mortgage interest rates have moved higher this week, heading back up above 5%. After dipping below 5% (and causing a flurry of mortgage applications), rates are on the rise again. As bond yields edged up earlier this week, so, too did mortgage rates.

However, it is questionable whether or not mortgage interest rates will remain above 5% in the long term. Treasury Secretary nominee Timothy Geithner promises that he will engage in easing of monetary policy in an effort to help the credit markets and spur more lending. If this happens, we are likely to see a drop in mortgage rates again.