Mortgage rates bounce back up after month of drops

Mortgage Rates Rise After a Month of Decline

After a steady month of decreases, mortgage rates have slightly increased this week, tracking the movement of the 10-year Treasury yield.

Current Mortgage Rates

The 30-year fixed-rate mortgage rose by five basis points to 6.22%, reversing last week's small drop from 6.19% to 6.17%.
The 15-year fixed-rate mortgage increased nine basis points, now averaging 5.50%, up from 5.41% last week.

Comparison to Last Year

One year ago, the 30-year rate was 6.79%.
The 15-year rate stood at 6% at the same time last year.

Expert Insights

“On a median-priced home, this could allow a homebuyer to save thousands annually compared to earlier this year, showing that affordability is slowly improving,” said Sam Khater, Freddie Mac's chief economist.

Impact of Federal Reserve Actions

The Federal Reserve recently cut its benchmark rate by 25 basis points, but this has only led to a slight three basis point increase in mortgage rates so far.

Chair Jerome Powell cast doubt on expectations for another rate cut in December during the Federal Open Market Committee Meeting, impacting market sentiment.

Following Powell's remarks, the 10-year Treasury yield rose from 3.98% to 4.08% within a few days.

Market Outlook

Zillow analysts expect the 30-year mortgage rate to stay between 6% and 7% in the near term.

Author's summary: Mortgage rates have lifted slightly after a month-long decline, with affordability improving gradually despite Federal Reserve uncertainties and Treasury yield fluctuations.

National Mortgage News — 2025-11-06