NEW YORK (CNNfn) - Mortgage rates, which last week topped 7 percent for the first time in seven months, continued their increases this week, mortgage firm Freddie Mac said Thursday.
For the week ending March 12, interest rates on a 30-year fixed loan jumped to 7.11 percent, up from last week's 7.06 percent. Fifteen-year loans were on the rise as well, hitting 6.75 percent after last week's average of 6.7 percent.
One-year adjustable rates continued their steady climb, averaging 5.88 percent, a substantial jump from last week's 5.74 percent. One-year ARM rates have not been this high since April 18, 1997, when they averaged 5.89 percent
A year ago, the 30-year rate averaged 7.16 percent, the 15-year stood at 6.78 percent and the one-year was 5.7 percent.
"The strength in employment growth and an unexpected jump in consumer credit in January helped push mortgage rates a little higher this week," said Frank Nothaft, deputy chief economist for Freddie Mac. "While long-term interest rates are at the highest level since May of 1998, they are still very affordable, particularly when compared to the 1970s and 1980s."
On Monday, Freddie Mac reported the price of U.S. homes rose at an annualized rate of 3.3 percent in the last three months of 1998, the slowest rate of the year. That same day Federal Reserve Chairman Alan Greenspan spoke to the Mortgage Bankers Association in Washington, D.C., noting that mortgage refinancings have fallen off, even though many loans appear ripe for refinancing.
"One wonders how many of those who have not refinanced will do so, even if mortgage rates remain at their current levels," he said.
Tuesday, Greenspan followed up, telling a conference on business access to capital and credit in Arlington, Va. there are "no obvious signs of emerging inflation pressures," allowing the U.S. economic expansion to continue into a ninth year.
Freddie Mac said lenders charged an average 0.8 percent in fees and points on 30-year, 15-year and adjustable mortgages. 
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