Average U.S. 30-Year Mortgage Rate Rises Again to 6.22%/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ The average U.S. 30-year mortgage rate rose slightly to 6.22%, remaining near 2025 lows. Refinancing applications surged 14% as homeowners moved to lock in lower rates. Economists expect mortgage rates to stay slightly above 6% into 2026, aiding modest housing recovery.
Quick Looks:
- 30-year fixed mortgage rate rises to 6.22%, up from 6.19% last week
- 15-year fixed rate increases to 5.54% from 5.44%
- Rates remain well below January 2025’s peak of over 7%
- Refinancing jumps 14%; purchase applications up nearly 5%
- Forecasts expect mortgage rates to stay slightly above 6% into 2026
Average U.S. 30-Year Mortgage Rate Rises Again to 6.22%
Deep Look
U.S. mortgage rates rose slightly this week, according to data released Thursday by Freddie Mac, but remain close to their lowest levels of the year, helping to support a gradual rebound in the housing market.
The average 30-year fixed mortgage rate ticked up to 6.22%, a modest increase from 6.19% the previous week. One year ago, the rate stood at 6.6%.
Meanwhile, the 15-year fixed mortgage rate, often used by homeowners looking to refinance, also rose — from 5.44% to 5.54%. It stood at 5.84% at this time last year.
What’s Driving Mortgage Rates in 2025?
Mortgage rates typically mirror the movement of the 10-year Treasury yield, which lenders use as a benchmark when pricing home loans. As of midday Thursday, the yield was hovering around 4.12%, slightly above its level from a week ago.
Rates also respond to economic data, inflation expectations, and Federal Reserve policies — though it’s important to note the Fed doesn’t directly control mortgage rates.
This week’s mortgage rate increase comes on the heels of the Federal Reserve’s third interest rate cut of the year, with the central bank signaling another cut may come in 2026. While short-term rate cuts often encourage lower borrowing costs, mortgage rates don’t always follow suit.
For example, when the Fed cut rates last fall for the first time in over four years, mortgage rates actually surged, eventually topping 7% in January 2025 as the 10-year yield approached 5%.
Rates have since declined, with the 30-year mortgage rate hitting its 2025 low of 6.17% on October 30.
Housing Market Sees Modest Recovery
The dip in mortgage rates over the fall helped drive a modest increase in existing-home sales, which rose in October for the fourth consecutive month. However, affordability remains a significant hurdle, particularly for first-time buyers who lack home equity to roll into a new purchase.
“Affordability is still stretched despite easing rates,” said Anthony Smith, senior economist at Realtor.com. “But if rates hover just above 6%, it could help balance out modest price increases in 2026.”
Refinancing Surges as Homeowners Lock in Lower Rates
The recent dip in rates has also triggered a surge in refinancing activity. Applications for refinance loans jumped 14% last week, according to the Mortgage Bankers Association, and now account for nearly 58% of all mortgage applications.
Applications for home purchase loans also increased by 5%, suggesting more buyers may be re-entering the market as borrowing costs stabilize.
2026 Outlook: Rates to Stay Just Above 6%
Looking ahead, most analysts expect the 30-year mortgage rate to stay slightly above 6% throughout 2026. While not a dramatic drop, the expectation of stable and moderate rates could help foster more buyer confidence.
Though unlikely to produce a full-scale housing boom, the flattening of rates could provide crucial support for a market still reeling from a volatile few years.
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