Mortgage rates soared again this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate rising to 5 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.

The average 15-year fixed mortgage increased to 4.37 percent, and the larger jumbo 30-year fixed rate did as well, rising to 5.58 percent. Adjustable rate mortgages were also higher, with the average 5-year ARM jumping to 3.95 percent and the average 7-year ARM climbing to 4.36 percent.

The average 30-year fixed mortgage rate hit 5 percent for the first time since May as the recent run-up in mortgage rates continued. On Nov. 3, mortgage rates were at a record low of 4.42 percent. This week, strong retail sales, a more bullish economic outlook, and plenty of government red ink had bond investors commanding higher yields. Mortgage rates are closely related to yields on long-term government bonds.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 5 percent, the monthly payment for the same size loan would be $1,073.64, a savings of $168 per month for a homeowner refinancing now.

SURVEY RESULTS

- 30-year fixed: 5.00% - up from 4.89% last week (avg. points: 0.40)

- 15-year fixed: 4.37% - up from 4.26% last week (avg. points: 0.38)

- 5/1 ARM: 3.95% - up from 3.85% last week (avg. points: 0.45)