OSAC Chief Market Strategist Phil Blancato advises investors to strip emotions from their investment decisions.
Mortgage rates rose this week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.69% from last week’s reading of 6.66%.
The average rate on a 30-year loan was 6.63% a year ago.
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A real estate agent sets up an open house in Rancho Cucamonga, Calif., May 9, 2026. (Kyle Grillot/Bloomberg via Getty Images)
“While mortgage rates continue to influence affordability, the housing market is showing signs of adjustment, with listing prices modestly below year-ago levels and for-sale inventory improving from the limited supply seen in recent years,” said Sam Khater, Freddie Mac’s chief economist.
The average rate on a 15-year fixed mortgage fell to 6.01% from last week’s reading of 6.04%.
Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.67% as of Thursday afternoon.
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“The upward move comes despite a choppy week in the bond market: The 10-year Treasury yield hit an 18-month high above 4.7% in late July before pulling back several basis points this week on hopes that the U.S. and Iran are nearing a deal to reopen the Strait of Hormuz,” said Danielle Hale, Realtor.com’s chief economist.
“Mortgage rates have been slow to follow that pullback, and Friday’s jobs report, next week’s inflation report and how the Hormuz talks resolve, will determine whether that gap closes in the coming weeks.
A real estate agent speaks with a prospective buyer during an open house in Rancho Cucamonga, Calif., May 9, 2026. (Kyle Grillot/Bloomberg via Getty Images / Getty Images)
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“Recent mortgage rate volatility makes it a challenging time for homebuyers to navigate the market, especially as this volatility is coming at the upper end of the mortgage rate range we’ve seen over the last year,” Hale added.
