The average long-term U.S. mortgage rate edged up for the second week in a row, but remains just above its lowest level in more than three years.
FILE - A for sale sign stands outside a home on the market in the Alamo Placita neighborhood Tuesday, Aug. 27, 2024, in central Denver. The average long-term U.S. mortgage rate edged up for the second week in a row, but remains just above its lowest level in more than three years.
The benchmark 30-year fixed rate mortgage rate rose to 6.1% from 6.09% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.95%.Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. That average rate inched up to 5.49% from 5.44% last week. A year ago, it was at 6.12%, Freddie Mac said.interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.The latest increase in mortgage rates comes a day after the Fed decided toafter lowering rates three times in a row to close out 2025 in an attempt to shore up the job market. The central bank doesn’t set mortgage rates, but its decisions to raise or lower its short-term rate are watched closely by bond investors and can ultimately affect the yield on 10-year Treasurys that influence mortgage rates. Mortgage rates have also moved higher in recent weeks as the bond market reacted to geopolitical tensions.when mortgage rates began to climb from pandemic-era lows. The combination of higher mortgage rates, years of skyrocketing home prices and a chronic shortage of homes nationally following more than a decade of below-average home construction have left many aspiring homeowners priced out of the market. Sales of previously occupied U.S. homes remained stuck last year at 30-year lows. Still, the pullback in mortgage rates that began late last summer helped give sales of existing U.S. homes a boost toward the end of last year. In December, sales jumped 5.1% from the previous month.Mortgage applications overall fell 8.5% last week from a week earlier, according to the Mortgage Bankers Association. Applications for mortgage refinancing loans fell 16%, but still accounted for 56.2% of all home loan applications. Applications for loans to buy a home slipped 0.4%. Economists generally expect mortgage rates to ease further this year, though most recent forecasts show the average rate on a 30-year mortgage remaining above 6%, about twice what it was six years ago. Still, rates would have to drop considerably for homeowners, who bought or refinanced when mortgage rates hit rock bottom earlier this decade, to take on a new loan at a far higher rate. Nearly 69% of U.S. homes with an outstanding mortgage have a fixed-rate of 5% or lower, and slightly more than half have a rate at or below 4%, according to Realtor.com. “While slightly better rates have supported modest increases in sales and helped temper affordability pressures, the recovery is expected to be slow and uneven until rates move significantly lower and inventory expands further,” said Jiayi Xu, economist at Realtor.com. Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.KSAT's Erica Hernandez describes moment law enforcement deployed tear gas on protesters▶Tensions rise between protesters and law enforcement at Dilley immigration facilityVITA San Antonio offers free tax preparation for residents earning $65,000 or lessSan Antonio nonprofit drives new connections for veterans, first responders on the pickleball courtSan Antonio nonprofit drives new connections for veterans, first responders on the pickleball courtImmigration attorney says ongoing lockdown at detention facility in DilleyProtesters gather in Dilley to march to immigration detention centerUT San Antonio reopens Institute of Texan Cultures at Frost TowerProperty owner battles CPS Energy over power pole dispute: ‘Where are our rights as landowners?’East Side group receives $250,000 grant to prevent youth crime through community engagementSan Antonio councilwoman gets probation, lower charge in DWI case plea dealMan sprays unknown substance toward Rep. Ilhan OmarNASA aircraft makes belly landing at airport in Houston200+ blood donation appointments canceled, missed due to winter storm in San AntonioIs your TikTok not working properly? Here's what you should knowGov. Greg Abbott adds Bexar County to disaster declaration during winter weather▶The Texas freeze shut down a lot of regular weekend stops for neighbors, including farmers markets.🎵 KRTU is celebrating 50 years on the air with a free concert FridayNew drone footage shows empty site of former ITC building months after demolitionCheck out these space heater safety tips▶🦍 Congo Falls gorilla exhibit at San Antonio Zoo to open this weekend🔥 Feast at the hottest all-you-can-eat Asian fusion experience on San Antonio’s north side! 🥢🍣🦀🔥 Feast at the hottest all-you-can-eat Asian fusion experience on San Antonio’s north side! 🥢🍣🦀Previous photo
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