Mortgage rates surged for a second week in a row this week, with conservative investments like Treasury bonds and mortgage-backed securities looking less attractive to investors amid growing signs that an economic recovery is under way.

Rates on 30-year fixed-rate mortgages averaged 4.08 percent with an average of 0.8 point for the week ending March 22, up from 3.92 percent last week but still well below the 4.81 percent average at the same time last year, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

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