Mortgage rates rose to 5.08 percent last week from 4.99 percent a week earlier,pushing the average interest rate offered on 30-year fixed-rate mortgages to its highest level since the first week of 2010,according to Freddie Mac. The increase in mortgage rates occurred as long-term interest rates rose higher due to concerns about inflation as the economy improves,and as the Federal Reserve ended its program to buy $1.25 trillion in mortgage-backed bonds issued by Fannie Mae,Freddie Mac and other government-sponsored agencies. Also,the 15-year fixed mortgage rose to 4.39 percent from 4.34 percent,while 5-year hybrid mortgages fell to 4.10 percent from 4.14 percent.

[SOURCES:Information,Inc.;Freddie Mac]