Overview

• After the 25-basis-point cut on Sept. 17, the average 30-year fixed mortgage rate reached 6.35% on Friday, up from 6.13% the day before the decision, according to Mortgage News Daily.
• Refinance pricing also moved up, with the average 30-year refi rate rising from 6.61% on Tuesday to 6.81% Thursday and 6.82% Friday, Investopedia reported.
• Borrowing interest picked up despite the uptick, with Mortgage Bankers Association data showing refinance applications up 58% week over week and purchase applications up 3%, with refis up 70% from a year ago.
• Treasury yields climbed following the Fed move and fresh jobless-claims data, reinforcing the familiar pattern where higher long-term yields push mortgage rates higher even as the policy rate falls.
• Analysts expect additional quarter-point cuts later this year, though the timing and pass-through to mortgage rates remain uncertain as tight inventory and elevated home prices continue to weigh on affordability.