Adjustable-Rate Mortgage

Fixed Mortgage Rates Hit Eight-Month High as Inflation Concerns Mount 

Growing concern over inflation in the U.S. led fixed and adjustable rate mortgages strongly upward this week, according to data released Thursday morning by Freddie Mac [stock FRE][/stock]. The average rate on a 30-year fixed rate mortgage rose 23 basis points to 6.32 percent, with an average 0.7 point, for the week ended June 12; last year, 30-year FRMs averaged 6.74 percent, Freddie said. It’s been awhile since mortgage rates have been this high; the last time the 30-year FRM was higher was the week ending October 25, 2007, when it averaged 6.33 percent.