"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%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this 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 4.09% 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."
Average 30-year U.S. mortgage rates rose to 6.22% from 6.17% this week after five weeks of declines; a year ago the rate averaged 6.79%. The 15-year fixed rate climbed to 5.5% from 5.41%, compared with 6% a year earlier. Last week's average was the lowest since Oct. 3, 2024. Mortgage rates remain influenced by Federal Reserve policy decisions, bond market expectations and the 10-year Treasury yield, which was 4.09% at midday Thursday. Lower rates increase buyers' purchasing power and support refinancing. The 30-year rate has stayed above 6% since September 2022, contributing to a prolonged housing slump.
Read at Fast Company
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