Interest rates on residential loans inched higher this past week, and the outlook — both short-term and long-term — is for further ascension thanks to inflation.

Fixed interest rates on 30-year mortgages averaged 4.42 percent in the week ended April 12, according to Freddie Mac’s Primary Mortgage Market Survey.

Long-term mortgage rates ascended 2 basis points from the preceding week and have shot up 34 BPS compared to the same-seven days last year.

Source: Mortgage Daily