The 30-year loan hit 6.34 percent, up from 6.12 percent a week earlier. That's the highest national average rate seen since 6.44 percent on Sept. 4, 2003. It also marked the eighth consecutive week that the rate has risen.

The national average on the 15-year loan, a popular refinancing choice, also shot up, to 5.72 percent from 5.47 percent. And one-year, Treasury-indexed, adjustable-rate loans, after showing only modest increases for seven weeks, took a turn higher, climbing to 3.90 percent from 3.76 percent a week ago.

All three loans required the payment of an average 0.7 points to achieve the rate. A point is one percent of the loan amount, charged as prepaid interest.

"Last month's huge surge in employment figures reaffirmed market expectations that the Fed will move [to raise interest rates] sooner now rather than later," said Frank Nothaft, vice president and chief economist for Freddie Mac. "This put pressure on the bond market, and as yields grew, so did mortgage rates."

By JONATHAN FUERBRINGER Published: May 16, 2004

HOME shoppers have been losing purchasing power week by week because of the surge in mortgage interest rates. Eventually, that should take some of the zip out of the economy.

Last week, the national average rate on a 30-year mortgage jumped to 6.34 percent, according to Freddie Mac. That is up almost a percentage point from March 18, when the rate was 5.38 percent. Last June, the average was only 5.21 percent, the lowest since Freddie Mac began recording rates in 1971.

The increases have already had a big impact on the prices that people can pay for houses. At 5.38 percent, a monthly payment of $1,120.57 would handle a 30-year mortgage of $200,000. At the current rate of 6.34 percent, that same monthly payment would cover a mortgage of only $180,276 - almost 10 percent less.

Special Commentary from the Office of the Chief Economist by Amy Crews Cutts, Freddie Mac's deputy chief economist, and Frank E. Nothaft, Freddie Mac's chief economist

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Inventories of homes-for-sale are near their lowest levels ever, and the supply elasticity in housing is highly inelastic due to zoning and environmental constraints; these are most binding in the fast growing coastal states. Additionally, the majority of new homes today are built by national builders who secure options on raw land rather than purchase it, obtain permits in advance, and move operations to growing areas opportunistically. This inventory management was not possible when builders were all locally based.

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