Climbing mortgage rates concern markets

Rates on 30-year mortgages jumped to the highest level in more than two years as financial markets grew more concerned about inflation.

Mortgage giant Freddie Mac reported that the nationwide average for 30-year, fixed-rate mortgages rose to 6.36 percent, up from 6.31 percent last week. That was the highest level since 30-year mortgages were at 6.44 percent in early September 2003.

"News that wages grew faster than had been expected in October reinforced fears of inflation in the financial markets and that bumped up interest rates again," said Frank Nothaft, Freddie Mac's chief economist.