Mortgage rates jumped for the fifth straight week as Treasurys have backed up sharply following President Obama's proposal last week to lower tax rates, as well as in response to stronger-than- expected economic news recently. 

According to Freddie Mac's weekly survey, the 30-year fixed mortgage rate surged 22 basis points to 4.83% with an average 0.7 point. This places the no-point rate above 5%.  Rates are at their highest level since mid-May.

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