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U.S. Mortgage Rates Edge Up to 6.34% as Refinancing Slumps

Data delays from the federal shutdown are clouding the outlook for borrowing costs despite recent Treasury yield declines.

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

  • Freddie Mac’s survey shows the 30-year fixed average rose to 6.34% from 6.30% for a second straight weekly increase, while the 15-year moved to 5.55% from 5.49%.
  • Refinancing applications fell about 21% week over week, and overall mortgage applications slipped 1%, according to the Mortgage Bankers Association.
  • Markets are contending with a government shutdown that is postponing key economic reports the Fed uses to guide policy after last month’s rate cut.
  • Ten-year Treasury yields declined to roughly 4.08%–4.10%, yet mortgage-rate trackers showed mixed moves due to factors like mortgage-backed securities spreads and lender pricing.
  • Economists see rates holding in the mid-6% range near term, with risks of greater volatility and possible sales delays in federal-worker-heavy metros even as earlier declines boosted pending home sales.