Mortgage rate soars closer to 5% in its second huge jump this week

• • The average rate on the 30-year fixed mortgage shot significantly higher Friday, rising 24 basis points to 4.95%, according to Mortgage News Daily.
  • The quicker-than-expected rise in rates has weighed on demand for mortgages and refinancing loans.
  • With both rates and prices considerably higher, the median mortgage payment is now more than 20% higher than it was a year ago.