Mortgage rates surged this week resulting from all the credit turmoil. The 30-year fixed mortgage rates wiped out almost half of the last two-week's of declines. 

Freddie Mac reported that the 30-year rate surged 31 basis points to 6.09%. The 15-year fixed mortgage rate jumped 42 basis points to 5.77%, five-year hybrid ARM rates increased 35 basis points to 6.02%, and one-year ARM rates averaged 5.16% compared with 5.03% last week.

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