Mortgage rates surged in the week ending June 4, reported Freddie Mac in its weekly survey. The 30-year fixed mortgage rate averaged 5.59% (with an average 0.7 point), up 30 basis points from last week.

This places the "no-point" rate above 5.70%, or back to November levels. In other terms, 15-year fixed rates rose 27 basis points to 5.06%, 5/1 hybrid ARMs jumped 32 basis points to 5.17%, and one-year ARM rates averaged 5.04%, 23 basis points higher than last week.

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