“Rising mortgage rates are an immediate consequence of the large jump in the U.S. government's borrowing costs in recent weeks. Mortgage rates tend to move in line with the yield on the 10-year Treasury note, which closed Thursday at 3.712%, up from its October low of 2.381%” - WSJ.
http://online.wsj.com/article/SB10001424052748704132204576136314237786984.html
See Allan Meltzer’s WSJ op-ed on the subject:
Ben Bernanke's '70s Show