Home sales based on contract signings unexpectedly jumped in March despite elevated mortgage rates that month. And the latest data from Freddie Mac showed that mortgage rates edged higher this week, reaching a fresh five-month high.

Pending home sales — a forward-looking indicator based on contract signings rather than closings — climbed 3.4% in March, the National Association of Realtors reported Thursday, which was “the best performance in a year,” according to a release. That was well above the 0.3% decline forecast by economists, according to a FactSet poll. Contract signings rose across the country in March from the prior month, except in the Midwest.

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