Summary
The average rate for a 30-year mortgage in the U.S. increased to 6.22% after dropping for four weeks. Mortgage rates are influenced by various factors like Federal Reserve interest rates and investor expectations. Lower mortgage rates improve homebuying and refinancing opportunities.
Key Facts
- The average 30-year mortgage rate went up to 6.22% from 6.17%.
- The rate for 15-year mortgages rose to 5.5% from 5.41%.
- Mortgage rates follow the 10-year Treasury yield, which was 4.09% on Thursday.
- Rates have stayed above 6% since September 2022.
- Home sales were at their lowest in nearly 30 years last year.
- The Federal Reserve has recently cut interest rates to help the job market.
- Current mortgage rates are not directly set by Fed rate changes.
- About 80% of U.S. mortgage holders have rates below 6%.
