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2h ago

Mortgage Rates Edge Up to 6.34% as Refinancing Slumps

Investor uncertainty following the Fed’s recent rate cut is keeping mortgage pricing tied to a choppy Treasury market.

FILE - A development of new homes in Eagleville, Pa., is shown on April 28, 2023. (AP Photo/Matt Rourke, File)
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Overview

  • Freddie Mac’s survey shows the 30-year fixed averaged 6.34% for the week ended Oct. 2, up from 6.30% and rising for a second consecutive week.
  • The 15-year fixed averaged 5.55%, and Freddie Mac’s Sam Khater said the 30-year rate remains below its 52-week average of 6.71%.
  • Refinancing applications dropped 21% from the prior week, while total mortgage applications fell 1%, the Mortgage Bankers Association reported.
  • The 10-year Treasury yield hovered near 4.1% after volatile swings as investors reassessed the path of policy following last month’s Fed rate cut.
  • A government shutdown delayed some key economic releases, including Friday’s nonfarm payrolls report, and ADP estimated private employers cut 32,000 jobs.