Arizona Real Estate Notebook

30-year fixed-rate mortgage, average in Western U.S. for week ending June 7, 2007. Blue line is Freddie Mac forecast made 5/8/2007.

“Mortgage rates climbed this week owing to market concerns of a tight labor force and wage growth. May’s unemployment rate remained at the second lowest level since May 2001 while average hourly earnings rose,” said Frank Nothaft, Freddie Mac vice president and chief economist.