Inflation Fears Push Up Mortgage Rates

Rates on 30-year mortgages topped 6 percent for the first time in six weeks as financial markets grew more worried about rising inflation pressures.

Freddie Mac reported on Thursday that the 30-year fixed-rate mortgages averaged 6.03 percent for the week ending April 24, up 15 basis points from one week ago, when rates averaged 5.88 percent. Despite the jump, rates are still below year-ago levels.

"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, Freddie Mac's chief economist.

A year ago, 30-year mortgage rates averaged 6.16 percent, 15-year mortgages 5.87 percent and the one-year ARM 5.43 percent. The 5/1 ARM averaged 5.88 percent.