The Real Deal Miami

Inflation sparks interest rate uptick

March 24, 2011 02:36PM

Mortgage rates rose this week thanks in part to growing concern about inflation, Freddie Mac said in a new report today. The report, which covers the past seven days, pegs the popular 30-year fixed-rate mortgage at 4.81 percent, up from 4.76 percent one week ago but below its 4.99 percent level during the same week last year. The 15-year fixed-rate mortgage, meanwhile, averaged 4.04 percent, up from 3.97 percent last week but also below its year-ago level, which was 4.34 percent. Interest rates for both the five-year and one-year Treasury-indexed adjustable-rate mortgages also rose on a week-over-week basis. ”The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns,” said Frank Nothaft, vice president and chief economist at Freddie Mac. TRD