U.S. mortgage rates climbed last week for the sixth consecutive week, topping 6.1 percent, the highest average since July 2004.
The average 30-year fixed rate mortgage increased from 6.1 percent to 6.17 percent, Bankrate.com said Thursday. Freddie Mac put the increase at 6.1 percent from 6.03 percent the previous week.
Concerns about higher inflation continue to push fixed mortgage rates higher, Bankrate.com said in a statement.
In the past week, both the consumer price index and the producer price index showed sharp increases, precipitated by higher oil and energy costs. Higher inflation makes bond investors nervous because it erodes the fixed payments on bonds and cements the notion of more Fed interest rate hikes. Mortgage rates are closely related to yields on long-term government bonds.