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Mortgage Rates Tick Up to 6.22% as Markets Reprice Fed Outlook

Markets lifted long-term Treasury yields after Jerome Powell said a December rate cut is not assured, nudging mortgage pricing higher.

FILE - A for sale sign stands outside a single-family residence on the market May 22, 2024, in southeast Denver. (AP Photo/David Zalubowski, File)
New homes are pictured in Saratoga Springs on Friday, June 20, 2025.
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Overview

  • Freddie Mac’s survey shows the 30-year fixed average rose 5 basis points to 6.22% for the week of Nov. 6, while the 15-year fixed reached 5.50%.
  • The move reflects a climb in the 10-year Treasury yield following Powell’s remarks, underscoring that mortgage rates track long-term yields more than the Fed funds rate.
  • Despite the uptick, rates remain near 2025 lows and well below last year’s levels, offering modestly improved affordability compared with earlier this year.
  • Refinance pricing is higher than purchase rates, with Zillow pegging the 30-year refi at 6.87% and the 15-year refi at 5.80% as of Nov. 6.
  • Industry outlooks for 2026 diverge, with forecasts clustered around roughly 5.9% to 6.4%, and the ongoing government shutdown is adding uncertainty by disrupting timely inflation and jobs data.