Mortgage rates climb this week

Long-term mortgage rates rose sharply this week, Freddie Mac reported today, as inflation ran high and investors eyed mortgage-back securities in light of higher loan limits.

The average rate on 30-year fixed-rate mortgages shot up by 32 basis points in the last week, rising from 5.72 percent to 6.04 percent, and the average 15-year fixed mortgage was up 39 basis points, from 5.25 percent to 5.64 percent.

Points, or fees that lenders charge for loan processing expressed as a percent of the loan, averaged 0

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