Average US long-term mortgage rate ticks up to 6.22%, but remains close to its low for the year

Mortgage Rate Trends - The average rate on a 30-year U.S. mortgage increased to 6.22% from 6.19% last week, compared to 6.6% a year ago [1] - The average rate on 15-year fixed-rate mortgages rose to 5.54% from 5.44% last week, down from 5.84% a year ago [2] Influencing Factors - Mortgage rates are influenced by the Federal Reserve's interest rate policy, bond market expectations for the economy and inflation, and generally follow the 10-year Treasury yield, which is currently at 4.12% [3] - The Federal Reserve recently cut its main interest rate for the third time this year, indicating another potential cut in 2026, but this does not directly dictate mortgage rates [4] Historical Context - Following the Fed's previous rate cuts, mortgage rates increased instead of decreasing, peaking above 7% in January, while the 10-year Treasury yield was approaching 5% [5] - A decline in mortgage rates over the summer led to an increase in sales of previously occupied U.S. homes for four consecutive months in October [6] Market Challenges - Affordability remains a significant challenge for many potential homeowners, particularly first-time buyers lacking equity from existing homes [6] - Economic and job market uncertainties are causing many prospective buyers to hesitate in making purchases [6]