Mortgage rates continue to rise

The average 30-year fixed-rate mortgage stood at 6.01 percent last week, up from 5.95 percent the week before, according to Freddie Mac’s Primary Mortgage Market Survey.

“Renewed concern over the threat of inflation pushed up long-term mortgage rates, while the most recent FOMC (Federal Open Market Committee) statement caused short-term rates to also float higher,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Although mortgage rates have risen these past six weeks, they still remain at very affordable levels. This would explain why new home sales figures were surprisingly high in February. Although mortgage rates are beginning to rise, we have yet to experience much of a slow down in the housing market.”

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