Mortgage rates tick higher to 6%

Core Insights - Mortgage rates have increased to 6% this week, up from 5.98% last week, according to Freddie Mac's Primary Mortgage Market Survey [1] - The average rate for a 30-year fixed mortgage was 6.63% a year ago, indicating a year-over-year decrease [1] - The average rate for a 15-year fixed mortgage rose to 5.43% from 4.44% last week [2] Market Activity - Rates are down nearly a full percentage point compared to this time in 2024, which has stimulated activity among buyers, sellers, and homeowners [2] - Refinance activity has increased, and purchase applications are ahead of last year's pace [2] Influencing Factors - Mortgage rates are influenced by various factors, including the Federal Reserve's actions and geopolitical events, although they closely track the 10-year Treasury yield [3] - The 10-year Treasury yield was around 4.02% as of Thursday afternoon [3]