Mortgage Rates Soar to 10-Week High on Hotter-Than-Expected Inflation

Mortgage rates have jumped as inflation data came in higher than expected this week, suggesting inflationary pressures persist.

A 'For Sale' sign stands outside a home on the market along Nevada Avenue in the Old North End neighborhood of Colorado Springs, Colo., on June 22, 2023. David Zalubowski/AP Photo

U.S. mortgage rates shot up to a 10-week high this week as hotter-than-expected inflation data challenged the narrative that the economy is in a steady disinflationary trend.

The 30-year fixed-rate mortgage rose to 6.77 percent from 6.64 percent last week, according to mortgage buyer Freddie Mac.