The recent surge in inflation is likely to get worse over the next several months, according to a survey Friday.

There were some encouraging economic developments this week that millions of Americans likely warmly welcomed. The unemployment rate in January, for example, declined to 4.3% as employers added more than 100,000 jobs, a Wednesday report revealed.

Thirty-year mortgage rates hit a six-month high today. The current average mortgage rate on a 30-year fixed mortgage is 6.73% with an APR of 6.77%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.

The U.S. Federal Reserve will avoid cutting interest rates this year, according to most economists polled by Reuters who largely pushed long-held calls for reductions into next year on hopes the current inflation flare-up is temporary.

Inflation is a gradual loss of purchasing power that is reflected in a broad rise in prices for goods and services over time. The inflation rate is calculated as the average price increase of a basket of selected goods and services over one year.

Explore current mortgage rates and what they mean for home buyers