NEW YORK (CNN/Money) - Mortgage rates drifted higher last week as the housing market wrestled with inflation worries.

The average rate on 30-year fixed-rate mortgages rose to 6.4 percent for the week ending Nov. 10, 2005, from last week's 6.3 percent, a Freddie Mac survey said Thursday.

In the year-ago period, the 30-year mortgage averaged 5.7 percent.

The average rate on 15-year fixed-rate mortgages rose to 5.9 percent, roughly even with the previous week. A year ago, the loan averaged 5.2 percent.

Five-year adjustable-rate mortgages averaged 5.8 percent, compared to 5.7 percent the previous week. There is no data available for a year-to-year comparison because Freddie Mac only began tracking the 5-year loans this year.

One-year adjustable-rate mortgages averaged 5.12 percent, up from 5.09 percent the week before. At this time last year, the one-year loan averaged 4.2 percent.

"News that wages grew faster than had been expected in October reinforced fears of inflation in the financial markets, and that bumped up interest rates again this week," said Frank Nothaft, vice president and chief economist a Freddie Mac. "Consumer Price Index and Producer Price Index figures due out next week will help to confirm or deny whether market concerns are warranted.

"According to our most recent economic outlook, we expect rates to continue to rise gradually over the next 12 or so months. Because the housing sector is so sensitive to fluctuations in interest rates, this will have the effect of returning the housing sector to a more normal pace of activity, by historical standards."

As rates rise, so will the prospective home buyers' monthly mortgage payment, and the housing market could cool as it sees fewer potential buyers.

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Will the Federal Reserve cool the housing market? Click here for more.

For a look at how the Federal Funds rate is swaying home loans, click here.

What effect will escalating 30-year rates have? Read more here.