Mortgage rates have slowly begun to rise just as the spring home-buying time nears. This could be perilous to the recovery in housing markets.

Mortgage finance company Freddie Mac said that the average rate on a 30-year home loan this week in the U.S. jumped to 5.21 percent, from 5.08 percent last week. It represents the highest rate for 30-year mortgages since Aug. 13, nearly eight months ago.

In early December, the rate stood at 4.71 percent, a historic low.

This jump means higher costs for buyers or borrowers looking to refinance their mortgage. At 5.21 percent, a homebuyer taking out a $200,000 mortgage would have a monthly payment of $1,099 in principal and interest. At 4.71 percent, the payment would be $1,038 -- a difference of $61 per month.

Another survey, by Florida-based researcher Bankrate.com, pegged the average rate for a 30-year mortgage even higher, at 5.35 percent this week.

Mortgage rates are on the rise due to a combination of upbeat news about the economy, job growth and the end of a Federal Reserve's program to purchase mortgage-backed securities.

The Federal Reserve's prior commitment was a big boost to the market and helped keep rates low. Now that the Federal Reserve is ending their program mortgage rates are expected to continue to rise.

A big question is whether rising rates could bite into the improvements glimpsed in housing markets around the nation. Depending on circumstances, buyers can still qualify for FHA / VA or conventional loans in the 5 percent range.

I think rates will continue to rise and wouldn't be surprised if the rate on 30-year mortgages surpasses 6 percent over the next 12 months -- a level not seen since November 2008.

Buyers playing a waiting game with mortgage rates could be making a big mistake.

If you are considering purchasing or refinancing, do not wait because rates will continue to rise. As we have all heard before, time is money. The longer someone takes to make a decision, the greater the risk that they will pay a higher rate for their mortgage.