After holding relatively steady for the past month, mortgage rates jumped this week to their highest levels in two years. Like the previous spike in mortgage rates in July, the increase is being driven by speculation that the Federal Reserve will curb its bond-purchase program in the near future.

Previously trending at or around the 4.4 percent mark for the last three weeks, the average rate on a 30-year fixed loan spiked this week by 0.18 percentage point, according to the latest survey by mortgage buyer Freddie Mac. The rate now sits at its highest level since July 2011. The 30-year fixed previously hit a two-year high of 4.51 percent in July and has now increased by more than a full percentage point since May of this year. A year ago the 30-year fixed was trending at 3.68 percent.

The average rate on a 15-year fixed mortgage saw a similar spike, climbing 0.16 percentage point from 3.44 percent to 3.60 percent this week. It previously achieved a historic low in early May, when it dropped to 2.56 percent, but has remained above the 3 percent mark since June. This weeks increase represents a 0.55 percentage point increase year over year.

In addition to concerns that the Federal Reserve will curb or cease its massive stimulus policies  a bond-purchase program involving $85 million worth of Treasury notes and mortgage-backed securities the latest increase in rates can, in part, be attributed to steady home sales, especially in major markets.

Fixed mortgage rates continued to follow bond yields higher leading up to the August 21st release of the Federal Reserve monetary policy committees minutes for July, Freddie Mac Vice President and Chief Economist Frank Nothaft said in a statement. Meeting participants acknowledged mortgage rate increases might restrain housing market activity, but several members expressed confidence the housing recovery would be resilient in the face of higher rates.

Mortgage rate expert Al Bowman shared his thoughts on the rise of mortgage loans and how it impacts not only the housing sector, the economy at large:

The National Association of Realtors announced late this morning that home resales rose 6.5% last month, exceeding forecasts. The increase pushed the number of sales to their highest level since November 2009, indicating housing sector growth that makes the report bad news for the bond market and mortgage rates. This is because a strengthening housing sector will help support broader economic growth. Since long-term securities such as mortgage-related bonds tend to thrive in weaker economic conditions, we should consider this news negative for rates.

Unlike average fixed-rate mortgages, hybrid adjustable rate mortgages held steady for the most part. The average rate on a one-year ARM remained at 2.67 percent week over week. The average rate on a five-year ARM dropped slightly, trending downward by 0.02 percentage point this week. Previously at 3.21 percent, the average on a five-year ARM is now at 3.21 percent.

For home buyers or refinancers looking to cash in on what are still historically low rates, now may be the time to act. In the latest Mortgage Rate Trend Index by Bankrate.com, half of the industry leaders and panelists said rates will rise over the next week, while another 33 percent predicted rates would stay the same.

With the 10-year trading at 2.84 percent, the Fed tapering next month and existing home sales making the strongest showing since 2009, it doesnt seem that much can stop rates from increasing through the end of the year, says Mitch Ohlbaum, vice president of business development at Mortgage Capital Associates. The only missing link to a full recovery is jobs and income, and I think we still have a way to go.