Quoted mortgage interest rate went up in < 1 month??

[Jaron Walling]

I was pre approved for a mortgage about month ago and the bank quoted 4.625% on a 30 yr fixed. We received the signed purchase agreement for a property and now I'm scheduling an inspection. I called the bank and the loan manager is quoting 5.0%! 

Has anyone experienced this? How has the rate suddenly changed? I'm considering other banks but it's a time crunch and I'm really mad.