"By MATT OTT The average rate on a 30-year U.S. mortgage ticked up for the first time in five weeks after falling to its lowest level in more than a year last week. The average long-term mortgage rate moved up to 6.22% from 6.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.79%. Last week's average rate the lowest since Oct. 3, 2024, when it was 6.12%."
"Mortgage rates are influenced by several factors, from the Federal Reserve's interest rate policy decisions to bond market investors' expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The 10-year yield was at 4.09% at midday Thursday, down from 4.16% Wednesday. Lower mortgage rates boost homebuyers' purchasing power and benefit homeowners eager to refinance their current home loan to a lower rate."
The average 30-year U.S. mortgage rate increased to 6.22% from 6.17% after five weeks of declines, compared with 6.79% a year ago. The 15-year fixed rate climbed to 5.5% from 5.41%, versus 6% a year earlier. Mortgage rates tend to track the 10-year Treasury yield, which was 4.09% midday Thursday. Lower mortgage rates expand homebuyers' purchasing power and support refinancing activity. The 30-year rate has remained above 6% since September 2022, contributing to a prolonged housing market slump and last year’s near three-decade low in existing-home sales. Recent Fed rate cuts and economic signals have influenced rate movement.
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