"The average rate on a 30-year U.S. mortgage edged higher this week, though it remains relatively near its low point so far this year. The uptick brings the average long-term mortgage rate to 6.22% from 6.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.6%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. The rate averaged 5.54%, up from 5.44% last week."
"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 4.12% at midday Thursday, slightly higher than it was a week ago."
The average rate on a 30-year U.S. mortgage edged up to 6.22% from 6.19% the previous week, compared with 6.6% a year earlier. Borrowing costs on 15-year fixed-rate mortgages rose to 5.54% from 5.44% the prior week; the 15-year averaged 5.84% a year ago. Mortgage rates reflect factors including the Federal Reserve's interest-rate policy and bond-market expectations for the economy and inflation, and they tend to follow the 10-year Treasury yield. The 10-year yield stood at 4.12% midday Thursday, slightly higher than a week earlier. The Fed cut its main rate for the third time this year and signaled a possible additional cut in 2026, but the Fed does not set mortgage rates directly.
Read at Fast Company
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