Mortgage interest rates increased 11 basis points over the previous week, reaching their highest level so far in 2017, according to Freddie Mac.

There might be more increases in mortgage rates in the coming weeks.

"The strength of Friday's employment report and the outcome of next week's FOMC meeting are likely to set the direction of next week's survey rate," said Freddie Mac Chief Economist Sean Becketti.

The 30-year fixed-rate mortgage averaged 4.21% for the week ending March 9, up from last week when it averaged 4.1%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.68%.

"The 10-year Treasury yield rose about 10 basis points this week. For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points," said Becketti.

The 15-year fixed-rate mortgage averaged 3.42%, up from last week when it averaged 3.32%. A year ago, the 15-year averaged 2.96%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.23%, up from last week when it averaged 3.14%. At this time last year it averaged 2.92%.

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