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Mortgage rates have jumped, with the 30-year fixed-rate loan now averaging about 5.5%, compared to 5.1% a week ago, according to a BankingMyWay.com survey.

Whether you are buying a home, selling one or thinking of refinancing, the new rates should be factored into your strategy. No matter which group you are in, the key question is whether rates will go up more, stay flat, or fall.

Rates have been driven up by growing evidence the economy is recovering, leading investors to think interest rates and inflation will rise.

On the other hand, the Treasury Department and Federal Reserve are working to keep mortgage rates low, believing that is a key to a recovery.

It all makes for an uncertain situation.

Not many analysts predict a severe mortgage spike, to the 7 or 8% range. But neither do many forecast another drop to 4.5% or below.

If the 30-year fixed loan wanders around in the 5 to 6% range for the next couple of months, what should you do?

Whether you are a buying, refinancing or selling, the first step is to look at real dollar figures rather than fixating on interest rates. Paying half a percentage point more, or a half point less, may not involve enough money to worry about.

For every $100,000 borrowed at 5%, you’d pay $537 a month, according to the Mortgage Loan Calculator. At 5.5% the payment would be $568, and at 6%, $600.

While everyone likes to get the lowest rate possible, anything in the 5 to 6% range is pretty good by historical standards.

Buyers. In addition to deciding whether a mortgage in this range is affordable, the buyer has to decide the maximum rate to put into a purchase offer. If you make your offer contingent on getting a mortgage at an unrealistically low rate you may not get, the seller may turn you down for fear the deal won’t go through.

In addition, the buyer must decide when to lock in an interest rate offered by the lender. You can hold off in hopes of getting a lower rate, but then risk getting hit with a higher one.

Finally, the buyer should consider whether to pay points to get a lower rate. Use the shopping tool to find the best deal for you.

Bank of America (Stock Quote: BAC), for example, offers a 5.5% loan with 1.125 points, and a 5.375% deal with 1.5 points. Citibank (Stock Quote: C), on the other hand, has a 5.75% deal with just 0.25 points.

Use the Mortgage Points Calculator to see if paying points makes sense.

Refinancers. In refinancing a mortgage you deal with the same issues the buyer does, except you don’t have to worry about scaring off a seller.  Time may not be as critical since you already have the home you want. Use the Refinance Breakeven Calculator to assess your savings at various interest rates.

Sellers. You must decide whether the buyer’s rate demands are reasonable.

You don’t want to agree to make the sale contingent on the seller getting a bargain rate, because the deal could fall through if he doesn’t get it.

At the same time, you can’t ignore the fact that higher rates reduce the maximum amount buyers can borrow. You may need to be more flexible on price or other bargaining points as rates go up.

Use the Maximum Mortgage Calculator to assess the impact of higher rates.

For more smart ways to save, spend, invest and borrow, visit MainStreet.com.

— For more ways to save, spend, invest and borrow, visit MainStreet.com.