U.S. mortgage rates hit 10-month highs
CHICAGO (MarketWatch) — Mortgage rates reached 10-month highs this week, responding to market concerns of a tight labor force and wage growth, Freddie Mac’s chief economist said Thursday.
"May’s unemployment rate remained at the second lowest level since May 2001 while average hourly earnings rose," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release. "Additionally, unit labor costs increased 1.8% over the first three months of the year, tripling the original estimate, and fueling inflation fears."
The 30-year fixed rate mortgage averaged 6.53% for the week ending June 7, up from last week’s 6.42% average. The mortgage hasn’t been higher since the week ending Aug. 10, when it averaged 6.55%; it averaged 6.62% a year ago. Read More
