Following two weeks of declines, mortgage rates edged up, and economists say that consumers should expect further increases over the coming weeks.

The Federal Reserve will likely raise its short-term interest rates at its meeting next week. While the Fed’s benchmark rates do not have a direct effect on mortgage rates, they do often influence them and likely will lead to an increase, the National Association of REALTORS® notes on its Economists’ Outlook blog.

The latest increase in mortgage rates comes as Treasury yields increase, notes Sam Khater, Freddie Mac’s chief economist. “Over the long-term we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.”

Freddie Mac reports the following national averages with mortgage rates for the week ending March 10:

*30-year fixed-rate mortgages: averaged 3.85%, with an average of 0.8 points, rising from last week’s 3.76% average. Last year at this time, they averaged 3.05%.

*15-year fixed-rate mortgages: averaged 3.09%, with an average of 0.8 points, rising from last week’s 3.01% average. A year ago, they averaged 2.38%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, March 10, 2022,” National Association of REALTORS® Economists’ Outlook blog