Mortgage rates back over 7% as inflation fears spook markets

The average rate on the 30-year fixed mortgage jumped back over 7% Thursday, rising to 7.1%, according to Mortgage News Daily.

Growing fears that inflation is not cooling off are pushing bond yields higher. Mortgage rates loosely follow the yield on the U.S. 10-year Treasury.

“Rates continue to move at the suggestion of economic data, and the data hasn’t been friendly. This is scary considering this week’s data is insignificant compared to several upcoming reports,” said Matthew Graham, chief operating officer at Mortgage News Daily.

Rates went over 7% last October. That was the highest level in over 20 years. But they pulled back in the…