Mortgage Rates Increase

Long-term mortgage rates rose last week for the sixth week in a row, with the average for the benchmark 30-year loan hitting the 6% mark for the first time in eight months, according to Freddie Mac. The average for the 30-year, fixed-rate mortgage inched up to 6.01%, from 5.95% last week; while the average for the 15-year, fixed-rate loan moved to 5.56%, from 5.47%. "Renewed concern over the threat of inflation pushed up long-term mortgage rates, while the most recent Fed statement caused short-term rates to float upwards," said Frank Nothaft, Freddie Mac's chief economist, referring to this week's 25 basis-point increase in the overnight Fed Funds rate.