For the third consecutive week, mortgage rates pushed past 3% – with the average mortgage rate for a 30-year fixed loan up four basis points last week to 3.09%, according to Freddie Mac’s Primary Mortgage Market Survey.

Rising mortgage rates typically signify a recovering economy, and despite applications for mortgages dropping week-over-week, according to Sam Khater, Freddie Mac’s chief economist. Khater expects a 3% rate to sustain market interest for many potential buyers.

A number of economists say rising rates may just be what the industry needs to cool the insane housing demand the market has beendetails ⇒

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