WASHINGTON — Long-term U.S. mortgage rates climbed for the fifth straight amid investors' growing concern about inflation.

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Mortgage giant Freddie Mac says the average rate on 30-year, fixed-rate mortgages shot up to 4.32 percent this week, up from 4.22 percent last week and highest since December 2016. The rate on 15-year, fixed-rate loans, popular among homeowners who refinance, rose to 3.77 percent from 3.68 percent last week and highest since May 2011.

A strong U.S. economy is raising fears that inflation may be on the rise; investors are demanding higher interest rates. The yield on 10-year Treasury notes, which influences mortgage rates, has risen the past week to 2.88 percent from 2.78 percent.

The rate on five-year adjustable rate mortgages rose to 3.57 percent this week from 3.53 percent last week.

Rate

This week

Last week

Year ago

30-year fixed

4.32%

4.22%

4.17%

15-year fixed

3.77%

3.68%

3.39%

5-year adjustable

3.57%

3.53%

3.21%