Mortgage rates continue sharp rise

Continuing its upward climb in the face of improving economic news, the average 30-year fixed-rate mortgage stood at 5.94 percent this week, up from last week’s average of 5.89 percent, according to Freddie Mac’s Primary Mortgage Market Survey.

“Although this past month’s dramatic rise in mortgage rates is consistent with an economic recovery, it will take more than one month of strong employment gains to verify this recovery is sustainable,” said Frank Nothaft, Freddie Mac chief economist.

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