Analysis of ocean temperature and salinity data from profiling floats along with satellite measurements of sea surface height and the time variable gravity field are used to investigate the causes of global mean sea level rise between mid‐2003 and mid‐2007. The observed interannual and seasonal fluctuations in sea level can be explained as the sum of a mass component and a steric (or density related) component to within the error bounds of each observing system. During most of 2005, seasonally adjusted sea level was approximately 5 mm higher than in 2004 owing primarily to a sudden increase in ocean mass in late 2004 and early 2005, with a negligible contribution from steric variability. Despite excellent agreement of seasonal and interannual sea level variability, the 4‐year trends do not agree, suggesting that systematic long‐period errors remain in one or more of these observing systems.