Mortgage rates hit highest level in six months. ‘Demand is likely to weaken.’

The numbers: Mortgage rates inched toward 7% as strength in the U.S. economy prompted investors to expect another rate hike by the Federal Reserve.

The 30-year fixed-rate mortgage averaged 6.79% as of June 1, according to data released by Freddie Mac on Thursday. 

That was up 22 basis points from the previous week — one basis point is equal…