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Mortgage rates tick slightly higher this week with 30-year at 6.49%
Fox Business • • business
Key Points:
- Mortgage rates saw a slight increase this week, with the average 30-year fixed mortgage rate rising to 6.49% from 6.47% last week, according to Freddie Mac's Primary Mortgage Market Survey.
- The 15-year fixed mortgage rate also edged up to 5.84%, remaining below last year's average of 5.89%.
- Mortgage rates have remained relatively stable over the past six weeks, with purchase activity easing slightly and refinance activity picking up in response to current rates.
- Rates closely track the 10-year Treasury yield, which was around 4.4%, and are influenced by factors such as Federal Reserve policy and geopolitical events like the Iran war affecting oil supplies.
- The Federal Reserve recently held interest rates steady amid high inflation, with inflation measures well above the 2% target, leading markets to expect rates to remain steady or potentially rise rather than fall this year.
