Mortgage rates continued to rise this week, with the average 30-year fixed-rate mortgage standing at 5.85 percent, up from 5.79 percent last week, according to Freddie Mac's Primary Mortgage Market Survey.

"Last Friday's employment report reinforced the perception that the economy is on sure footing, leading bond markets to push interest rates higher again this week," said Amy Crews Cutts, Freddie Mac deputy chief economist. "Although inflation remains tame, the recent spike in oil prices does put inflationary pressures on the economy and was an additional factor causing higher interest rates."

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