Mortgage Rates Rise for Third Straight Week

According to Freddie Mac’s weekly survey released August 16th, fixed mortgage rates rose for the third straight week after previously setting all-time lows, with the typical 30-year rate increasing from 3.59% to 3.62%.

As the economy continues its staggered improvement, demand decreases for the securities issued by the U.S. Treasury. This typically increases their interest rate which in turn pushes up other interest rates including mortgages.

The week of August 16th was the third straight week that saw an increase in mortgage rates since they hit an all-time low on July 24th, at 3.49%.

The Freddie Mac weekly survey has been a closely watched indicator of mortgage trends since it began back in 1971.

Click here to read the full story along with further analysis on mortgage rates.