U.S. 30-Year Mortgage Rate Rises to 6.3% After Four-Week Decline

Mortgage rates in the U.S. have risen slightly this week after a four-week decline, with the average 30-year fixed mortgage rate increasing to 6.3% from 6.26%. This modest uptick follows the Federal Reserve's recent cautious stance on future interest rate cuts, despite last week's rate reduction aimed at addressing job market concerns. The 15-year fixed mortgage rate also edged up to 5.49%, and both rates remain higher than a year ago. Mortgage rates typically track the 10-year Treasury yield, which has risen slightly, influencing borrowing costs. Despite the rise, rates are still near their lowest levels in nearly a year, supporting a surge in refinancing activity and holding up housing market demand compared to last year. Divergent views within the Fed, notably between Chair Jerome Powell and Trump-appointed members, have contributed to market uncertainty and fluctuations in mortgage rates.