Freddie Mac: 30-yr fixed-rate mortgage highest since Sept.

Freddie Mac said Thursday the 30-year fixed-rate mortgage average rose from last week to 6.42% with an average 0.7 point for the week ending June 19, the highest since the week ending Sept. 27 when it averaged 6.42%. Last week, the average was 6.32%, and the year-ago average was 6.69%. "Fixed-rate mortgage rates continued to climb this week to the highest point in nearly nine months following the release of May's consumer and producer price indexes, both of which showed stronger levels of inflation," said Frank Nothaft, Freddie Mac chief economist, in a statement. "Additionally, consumer prices rose 0.6% last month, the most since November 2007, and traders began to fully price in a Federal Reserve rate hike by the end of September, based on the federal funds futures market."

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- Posted: 2008-06-20 09:43:29

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