Freddie Mac: The average for 30-year, fixed-rate at 6.53 percent

Updated: 7:29 a.m. CT June 8, 2007

WASHINGTON - Rates on 30-year mortgage rose for a fourth straight week, hitting the highest level in 10 months, as bond markets responded to strong employment growth.

Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.53 percent this week. That was up sharply from 6.42 percent last week and represented the highest point for 30-year mortgages since they averaged 6.55 percent on Aug. 10.

Analysts attributed the increase to recent signs of economic strength outside of the slumping housing market including last week’s report that the economy created 157,000 jobs in May, nearly double the April pace.