Mortgage rates on fixed mortgages surge for the fifth straight week. Freddie Mac said last Thursday the average rate on a 30-year fixed mortgage rose to 4.83 percent from 4.61 percent last week. In November, the rate was at a 40-year low of 4.17 percent.
The average rate on the 15-year loan also increased to 4.17 percent this week from 3.96 percent. It reached 3.57 percent in November, the lowest level on records dating from 1991.