The most recent Primary Mortgage Market Survey® published by Freddie Mac® shows that mortgage rates are simply exploding higher with the average rate for a 30-year fixed rate mortgage jumping over 50 basis points since just last week and rising a whopping 80% since this time last year to stand a 5.3% while the average rates for both the 15-year fixed rate mortgage and 5/1-year adjustable rate mortgage followed similar trends.