The benchmark 30 year fixed rate mortgage increased 27 basis points from 6.31 to a level of 6.58 according to a survey of national mortgage lenders. Overwhelming evidence of inflationary pressure in both the consumer and the producer sectors of the economy as well as statements by Fed governors as well as Fed chief Bernanke about the likelihood of a future rate-hike all contributed to bond market selling and higher rates.

Published on June 14, 2008