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Mortgage rates still rising
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June 10, 1999: 12:35 p.m. ET
Inflation fears continue to propel rates higher, Freddie Mac reports
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NEW YORK (CNNfn) - Mortgage rates climbed again this week amid continued fears of inflation, mortgage firm Freddie Mac reported Thursday.
For the week ending June 11, the average rate on U.S. 30-year fixed-rate mortgages was 7.51 percent, up from last week's 7.41 percent. A year ago, rates averaged 7.04 percent.
Fifteen-year loans hit their highest levels since September 1997, climbing to 7.13 percent from 7.04 percent the week before. The rate for these mortgages averaged 6.71 percent for the same period last year.
One-year adjustable-rate mortgages rose to 5.92 percent, the highest level since August 1996, from last week's 5.85 percent. A year ago, the rate was 5.71 percent.
Frank Nothaft, Freddie Mac's deputy chief economist, blamed inflation fears for higher rates.
"Last Friday's employment report showed unemployment down to a generational low of 4.2 percent, spurring concerns that the economy continues to grow too strongly," Nothaft said.
Looking forward, Nothaft said the upcoming Producer Price Index and Consumer Price Index figures will "give the market better insight into whether the underlying core of inflation has picked up." 
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