U.S. mortgage rates inched higher this week, but they are still hovering near the best levels borrowers have seen since late 2024. Freddie Mac’s weekly survey showed the average 30-year fixed rate at 6.16%, up a hair from 6.15% last week and down from 6.93% a year ago, according to Freddie Mac data.
The catalyst was a modest bond selloff Thursday after a stronger weekly Jobless Claims print and broader overnight weakness in global government bonds. Mortgage rates typically track the 10-year Treasury yield as a benchmark for long-term borrowing costs. Midday Thursday, the 10-year was around 4.17%, a level that still keeps mortgage rates contained but vulnerable to data surprises, as noted in bond-market moves.
Rates on shorter maturities moved similarly. The 15-year fixed rate rose to 5.46% from 5.44% last week, and remains well below 6.14% a year ago, per the same survey. Bankrate’s broader lender snapshot has the 30-year at 6.24% and the 15-year at 5.54%, highlighting that the “headline” rate borrowers see can vary by methodology, points, and lender mix, according to Bankrate’s table.
Immediate impact: purchase affordability improves at the margin, but the next 24 hours matter more than the last 24 days. Friday morning’s U.S. jobs report can quickly reset Treasury yields, which then reprice mortgage rate sheets within hours, as explained by Friday’s volatility risk.
For readers, the playbook is simple. If you’re shopping or refinancing, be ready to lock quickly after the jobs data because even a small yield jump from 4.17% can undo the recent drift toward the low 6% mortgage range.
