WASHINGTON — Rates on 30-year mortgages jumped to the highest level in seven months as hopes diminished for Federal Reserve rate cuts any time soon.

Mortgage giant Freddie Mac reported yesterday that 30-year, fixed-rate mortgages averaged 6.37 percent nationwide this week, up from 6.21 percent last week.

It was the highest level for 30-year mortgages since they averaged 6.40 percent the week of Oct. 26.

Analysts said the second consecutive weekly increase in 30-year mortgage rates after they had been unchanged or fallen for a month reflected concerns in financial markets that inflation worries will keep the Fed from cutting rates in coming months.

"Stronger than expected consumer confidence and recent comments from members of the Fed raised some inflation concerns in the market, causing it to lower expectations of a Fed rate cut this year," said Frank Nothaft, Freddie Mac's chief economist.

Nothaft said he expects a gradual rise in mortgage rates over the remainder of the year, a development that he said is likely to further depress the beleaguered housing market.

Nothaft said he looks for housing to stage a recovery beginning at the end of this year with a modest increase in both sales and home construction in 2008.

Freddie Mac's survey found other type of mortgages also up this week.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, rose to 6.06 percent, up from 5.92 percent last week.

Five-year adjustable-rate mortgages averaged 6.02 percent this week, up from 5.92 percent last week.

One-year adjustable rate mortgages rose to 5.64 percent, up from 5.48 percent last week.

The mortgage rates do not include add-on fees known as points.

Thirty-year and 15-year mortgages both carried a nationwide average fee of 0.4 point. Five-year adjustable-rate mortgages carried a 0.5 point fee and one-year ARMs carried an average fee of 0.6 point.

A year ago, rates on 30-year mortgages stood at 6.62 percent while 15-year mortgages were at 6.23 percent. Five-year adjustable-rate mortgages averaged 6.21 percent and one-year adjustable-rate mortgages were at 5.61 percent.