FX.co ★ US 30-Year Mortgage Rate Rises for 2nd Week

As of October 2nd, the average interest rate for a 30-year fixed mortgage insured by Freddie Mac climbed by 4 basis points to 6.34% compared to the previous week. This marks the second consecutive week of rising rates, coinciding with an uptick in Treasury yields. "Although the 30-year fixed-rate mortgage rose again this week, it is still below its 52-week average of 6.71%. Recent months have seen lower rates, and the uptick in pending home sales suggests that potential homebuyers are becoming more confident about entering the market," remarked Sam Khater, the Chief Economist at Freddie Mac. Mortgage rates, influenced by Treasury yields, are anticipated to remain relatively stable in the short term as financial markets assess the implications of the government shutdown.