Average US long-term mortgage rate ticks up to 6.22% after four straight weekly declines

Core Insights - The average rate on a 30-year U.S. mortgage increased to 6.22% from 6.17%, marking the first rise in five weeks after reaching its lowest level in over a year at 6.12% [1][4] - The average rate on 15-year fixed-rate mortgages also rose to 5.5% from 5.41%, compared to 6% a year ago [2] - Mortgage rates are influenced by the Federal Reserve's interest rate policies, bond market expectations, and the trajectory of the 10-year Treasury yield, which was at 4.09% [3][7] Mortgage Market Dynamics - Lower mortgage rates enhance homebuyers' purchasing power and assist homeowners in refinancing [4] - The housing market has been sluggish since mortgage rates began climbing above 6% in September 2022, with sales of previously occupied homes hitting their lowest level in nearly three decades last year [4][5] - Sales accelerated in September to the fastest pace since February as mortgage rates eased, following a decline that began in July [5] Federal Reserve Actions - The Federal Reserve lowered its key interest rate to support the job market, but there is uncertainty regarding future cuts [6] - Higher inflation could lead to increased yields on the 10-year Treasury note, which may push mortgage rates higher [7] - Historical context shows that after the Fed's rate cut last fall, mortgage rates rose above 7% in January, indicating a complex relationship between Fed actions and mortgage rates [8]