Mortgage backed securities (MBS) lost -34 basis points last week causing 30 year fixed rates to increase from the previous week. This marks the third straight week of increasing mortgage rates. This further proves that you should not listen to news reports about mortgage rates. The U.S. government cannot and does not control mortgage rates. These are set by an open market place of willing sellers and purchasers of MBS. And as our economy continues to rebound, we will continue to see a longer-term trend of higher mortgage rates when compared to our artificially low mortgage rates in October.