The average interest rate on 30-year fixed-rate mortgages rose to 7.89 percent this week, a record high for 1999 and the highest rate in the past two years. The rate was 7.70 percent last week.

Robert Van Order, chief economist at Freddie Mac, the other mortgage heavy, said: "You may be kicking yourself that you didn't jump in a few months ago. But 8 percent is still relatively low by historical standards. And with the mortgage tax deduction you're getting, you're really only paying about 5 percent."

Whew, that's a relief. So, it's still an okay time to buy, in terms of mortgage rates. And there are several ways, even with spiked-up rates, to get a decent rate (All right, it won't be as good as what your neighbor got last October) and so keep monthly payments manageable.