In Freddie Mac's results of its Primary Mortgage Market Survey®, mortgage rates moved higher amid positive jobs data and increasing bond yields. Despite the increase, the average 30-year fixed rate mortgage has been below 4.00 percent for 15 consecutive weeks helping to keep homebuyer affordability high.
According to Frank Nothaft, vice president and chief economist, Freddie Mac:
"An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week and mortgage rates followed. The economy gained 227,000 jobs, above the market consensus forecast, and revisions added another 61,000 to January and December. Job growth over the last six months was the strongest since 2006. In addition, the Federal Reserve's March 13th policy committee announcement noted that it anticipates the unemployment rate will decline gradually toward levels that it judges to be consistent with its mandate to achieve maximum employment with stable prices and moderate long-term interest rates."