McLEAN, Va. – Inflation fears pushed up long-term mortgage rates this week after being unchanged for three weeks, according to Freddie Mac.
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The average for the 30-year, fixed-rate mortgage rose to 6.03% this week, from 5.88% last week; while the average for the 15-year, fixed-rate loan climbed to 5.29%, from 5.10%.
ARM rates also moved higher, with the average for the five-year ARM rising to 5.68%, from 5.48%; and the average for the one-year ARM increasing to 5.29%, from 5.10%.
“Average rates on mortgages increased across the board this last week as the most recent economic data raised inflationary concerns in the capital markets,” said Frank Nothaft, chief economist for Freddie Mac.
