Mortgage interest rates rocketed higher this week. Reports from Freddie Mac and Bankrate recorded significant jumps across all home loan products. Both companies' surveys showed that the average rate on a 30-year fixed mortgage has hit its highest level since April 2010. Some industry experts argue that rising rates could be a positive for the housing market. While the ascension will likely slow refinancing activity, it could be the nudge prospective homebuyers need to get off the fence and lock in lower borrowing costs.

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