SAN FRANCISCO (MarketWatch) — Freddie Mac (OTC:FMCC) said Thursday the 30-year fixed-rate mortgage average jumped to 4.61% with an average 0.7 point for the week ending Dec. 9. In the previous period, the average was 4.46%, and the year-ago average was 4.81%.

I have been saying to all buyers that to get the price of a home down another 5% or wait for the market to keep getting lower is a dangerous plan when you are this deep into a buyer’s market. Namely it cannot go down forever! I feel that we are at the bottom and that we have already seen a rise in many markets. There are less and less quality homes in good neighborhoods on the market. Sellers are letting there listings expire and not re-listing.

I was lucky with a few of my clients that did get 3.95% to 4.00% mortgages. Now do not get me wrong 4.61% is a fantastic rate for a 30 year fixed. We are still close to the lowest mortgages in 50 years. But!!!!!!!!!!!!!!!!!!!! I truly believe we will see 5% before we see 4%. A  year from today I predict 5.5% to 5.75%. Mortgage rates will hike your house payments faster then paying for that house 10k, 20k or even 50K more.