Rates on the most popular types of mortgages rose significantly according to HSH.com's Weekly Mortgage Rates Radar as the average rate for conforming 30-year fixed-rate mortgages leapt by 34 basis points (0.34 percent) to 4.40 percent. Conforming 5/1 Hybrid ARM rates increased by 37 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.23 percent. "The aftermath of the Fed meeting and Mr. Bernanke's remarks at the concluding press conference about the future of QE continue to roll markets," said Keith Gumbinger, vice president of HSH.com. "Even though the chairman spoke about tapering QE over what will likely be an extended period of time--through mid-2014 at least--bond market participants headed for the exits. The sell-off in Treasuries and mortgages has left us with rates at nearly two-year highs ... it's as though QE3 never existed at all." The questions on everyone's mind: Will rates move even higher, and how much might the spike in rates damage the housing recovery? "It's not only the Fed chairman's words pushing rates higher, but also pretty solid economic data and a rosier outlook for the future," said Gumbinger. "The market is on the defensive right now, and sensitive to good news, since the stronger the economy, the faster the Fed is likely to act. As record low mortgage rates powered both the recovery in housing and the broader economy, it stands to reason that a slowdown in home sales is likely, should rates remain near these levels for long." Mortgage refinancing has also had an important impact on the economy, putting consumers on better financial footing and freeing up money for new spending. Excepting a relative handful of borrowers, "that portion of the market is closed," said Gumbinger. Average mortgage rates and points for conforming residential mortgages for the week ending June 25, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average rate: 4.40 percent ►Average points: 0.19 Conforming 5/1-year adjustable-rate mortgage ►Average rate: 3.23 percent ►Average points: 0.22 Average mortgage rates and points for conforming residential mortgages for the previous week ending June 18 were, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average Rate: 4.06 percent ►Average Points: 0.24 Conforming 5/1-year adjustable-rate mortgage ►Average Rate: 2.86 percent ►Average Points: 0.17 HSH.com's Weekly Mortgage Rates Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday.