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Average US long-term mortgage rate rises again, inching up to 6.24%

Freddie Mac said Thursday the 30-year U.S. mortgage rate rose to 6.24% from 6.22%, its second weekly increase, while the 15-year fixed-rate mortgage edged lower to 5.49%.
Mortgage rates reflect Federal Reserve policy and market expectations, with the 10-year Treasury yield at 4.10% midday Thursday influencing investor behavior.
The 30-year mortgage rate has stayed above 6% since September 2022, with a recent average of 6.24%, Freddie Mac said, compared to 6.78% a year ago.
Higher mortgage rates reduce homebuyers' purchasing power, contributing to a prolonged slump as sales of previously occupied homes sank last year, though September saw sales accelerate in the U.S. housing market.
Last week saw both stronger purchase demand and a heavy refinancing share as the Mortgage Bankers Association reported home-purchase applications jumped nearly 6% and refinancing loans made up about 56% of mortgage applications.

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