Mortgage rates are being pushed higher by the same economic factors that led the Federal Open Market Committee to increase short-term rates.
There was a 9 basis point increase in the rate for the 30-year conforming mortgage compared with the previous week, according to Freddie Mac. Over the past two weeks, rates have increased 20 basis points.
"As expected, the FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year. Although our survey was conducted prior to the Fed's decision, the release of the February jobs report all but guaranteed a rate hike," said Freddie Mac Chief Economist Sean Becketti.
"Increasing inflation, continued gains in the labor market and the Fed's intentions for further rate increases – all three will keep pushing mortgage rates up this year," he said.
The 30-year fixed-rate mortgage averaged 4.30% for the week ending March 16, up from last week when it averaged 4.21%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.73%.
The 15-year fixed-rate mortgage averaged 3.50%, up from last week when it averaged 3.42%. A year ago, the 15-year averaged 2.99%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.28%, up from last week when it averaged 3.23%. At this time last year it averaged 2.93%.