Mortgage rates moved lower this week but remain stuck in a narrow range

Core Insights - Mortgage rates have slightly decreased, with the average 30-year mortgage rate at 6.27%, down from 6.3% the previous week, and the average 15-year mortgage rate at 5.52%, down from 5.53% [1][4] Group 1: Mortgage Rates and Economic Factors - The 10-year Treasury yield, which closely tracks mortgage rates, has been volatile due to ongoing trade tensions between the US and China, particularly following President Trump's announcement of a 100% tariff on Chinese goods starting November 1 [2] - The ongoing government shutdown has delayed several key economic data releases, contributing to the narrow range of mortgage rate movements in recent weeks, as noted by a senior economist at Zillow Home Loans [3][5] Group 2: Housing Market Activity - Despite mortgage rates being near year-to-date lows, home sales have remained sluggish this fall, with mortgage applications for home purchases dropping by 3% compared to the previous week, and refinancing applications down by 1% [4] - The decline in purchase and refinance applications is attributed to continued economic uncertainty, including the impacts of the government shutdown, according to the President and CEO of the Mortgage Bankers Association [5]