Freddie Mac reported a huge jump in mortgage rates this week. The 30-year fixed mortgage rate averaged 6.63%, up 37 basis points from last week's 6.26% average. This is the highest mortgage rates have been since August 2, 2007 when it was at 6.68%.

In the other rate categories, 15-year fixed rates surged 40 basis points to 6.18%, five-year hybrid ARMs increased 36 basis points to 6.16%, and one-year ARMs jumped 39 basis points to 5.49%.

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