NEW YORK (CNNMoney.com) - Mortgage rates eased this week after weak jobs growth was reported last Friday, Freddie Mac said Thursday.

The average rate on 30-year fixed-rate mortgages fell to 6.62 percent, for the week ending June 8, from the prior week's 6.67 percent -- that had been the highest level since June 2002. In the year-ago period, the 30-year mortgage rate averaged 5.56 percent.

The weak jobs report helped temporarily ease inflation concerns and interest rates, according to Frank Nothaft, Freddie Mac vice president and chief economist. But inflation fears are still front and center, as Federal Reserve governors have indicated in public statements this week.

Nothaft pointed to reports on producer and consumer prices, due next week, as being significant. "Currently, the Fed is monitoring each of these economic reports and will take their impacts into consideration at its next meeting towards the end of June, leaving open the question of what action, if any, the Fed will take," he said.

The average rate on 15-year fixed-rate mortgages fell to 6.23 percent from 6.26 percent last week. A year ago, that loan averaged 5.14 percent.

Five-year adjustable-rate mortgages averaged 6.20 percent, 0.06 lower than last week. The five-year ARM averaged 5.01 percent last year.

The average one-year adjustable-rate mortgage dropped to 5.63 percent from 5.68 percent. At this time last year, the one-year loan averaged 4.21 percent.

Although this week's numbers eased downward, rates are up for the year. For homeowners using adjustable rate mortgages, a rise in interest rates can mean ballooning payments.

The Mortgage Bankers Association estimates that some $330 billion worth of ARMs will adjust in 2006 and $1 trillion worth will reset by the end of 2007. With a $200,000 loan adjusting upward from 4 percent to 6 percent, the monthly bill would increase to about $1,200, from $955.

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