30-year Mortgage Rates Reach Highest This Year

30-year mortgage rates reached their highest this year after going up for the third week in a row.

The average 30-year fixed rate is at 5.79% in the week ending March 3, up from 5.69% the previous week.

A USA Today article says:

“It is the third consecutive weekly increase after 30-year rates had fallen for six straight weeks, hitting a low for this year of 5.57% the week of Feb. 10. Rates stand at the highest level since the 30-year mortgage averaged 5.81% during the last week of 2004.

Analysts said the latest rate increase occurred because bond market investors are becoming concerned that long-term rates are too low in view of signals from Federal Reserve policy-makers that they intend to keep pushing short-term rates higher to make sure inflation stays under control.”

“Concern that long-term interest rates are too low and comments from Fed officials this week helped push mortgage rates higher,” said Freddie Mac chief economist Frank Nothaft.

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