"The average interest rate on a 30-year, fixed-rate mortgage rose to 6.09% APR, according to rates provided to NerdWallet by Zillow. This is 10 basis points higher than yesterday and five basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point. While mortgage rates might not be at 6%, they're still darn close. And that's still in the lowest range we've seen this year."
"Here's the thing: Even though this is a decent-sized jump, it's essentially right in line with other sources. For example, Freddie Mac's weekly rate survey, which drops each Thursday, put the average 30-year at 6.19% on Oct. 23. Freddie's average has fallen every week in October, as has ours. When those numbers get updated again on Thursday, Freddie Mac's average for this week will likely show a lower rate."
"The Federal Reserve's October meeting begins today, with markets widely expecting a 25-basis-point cut. The Fed doesn't deal in tricks, and it's cautious with treats. That caution's warranted in light of the government shutdown, which has cut off most federal agency data collection and thus deprived the bankers of some of their most reliable and trusted numbers. But we can still expect a fun-size quarter-percentage-point cut. Hey, it's better than raisins."
The average 30-year fixed mortgage rate rose to 6.09% APR, up 10 basis points from yesterday and 5 basis points from last week. Freddie Mac's weekly rate was 6.19% on Oct. 23 and has fallen each week in October. Rates remain near 6% and within the lowest range seen this year. Markets expect a 25-basis-point cut at the Federal Reserve's October meeting, though the government shutdown has disrupted federal data collection. The Personal Consumption Expenditures inflation report is due Friday and could affect December policy. Refinancing could make sense depending on current rates.
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