Overview

• The average 30-year fixed rate rose to 6.35% for the week ending Sept. 25, up two basis points, according to rates provided to NerdWallet by Zillow.
• The Federal Reserve lowered its policy rate by 25 basis points in September, yet mortgage pricing firmed as the 10-year Treasury yield climbed.
• Redfin reports 19.7% of mortgages carried rates of 6% or higher in Q2, the highest share in a decade, with 80.3% still below 6%.
• Inventory is increasing as more owners move despite higher borrowing costs, but existing-home sales in August were essentially flat, down 0.2% from July, NAR data show.
• Agents and economists say a drop below roughly 6% would likely spur more buyers, and Redfin economists expect rates to hover in the 6% to 7% range over the next year.