Mortgage rates were nearly flat for another week

Core Insights - Mortgage rates have slightly increased but remain within a narrow range since early October, with the average 30-year mortgage rate at 6.26% and the 15-year rate at 5.54% [1][2] - Despite the government shutdown affecting economic data, there is a growing belief that the Federal Reserve may maintain benchmark interest rates in December [2] - Existing home sales rose by 1.2% in October, indicating some buyer activity despite the shutdown [3] - Demand for mortgages is showing signs of slowing, with refinancing applications down 7% and purchase applications down 1% last week [4] - The increase in mortgage rates to the highest level in a month has led to a decline in borrower demand, with expectations that rates will remain around 6.4% for the rest of the year [5]