So long, mortgage rate stability.
After six weeks of hovering between 6.6% and 6.7%, mortgage rates rose sharply this week, according to Freddie Mac’s latest survey, reflecting recent bond market volatility.
The average 30-year fixed mortgage rate was 6.83% for the week through Wednesday, compared with 6.62% a week earlier. The average 15-year mortgage rate was 6.03%, up from 5.82% a week earlier.
Mortgage rates have been on a wild ride in recent weeks as the bond yields that underpin them whipsawed in the aftermath of President Trump’s tariff announcement and later delay of some levies. Most rate surveys showed a sharp rise last week, as 10-year Treasury yields approached 4.5%.
Read more: See how mortgage rates have changed over time
In recent days, though, Treasury yields have largely moved lower, and daily fluctuations are getting smaller. The 10-year yield is around 4.31% now.
In a sign of how quickly rates have been moving, recent mortgage rate surveys have diverged based on when their data was collected. Mortgage News Daily put the average 30-year mortgage rate at 6.86% on Wednesday, down about 9 basis points from a week earlier. The Mortgage Bankers Association had them at 6.81% in the week through Friday, a 20 basis point leap from the week prior.
"Mortgage rates are still moving in reaction to the news of the day, though with smaller swings than in the aftermath of the liberation day on-again/off-again tariff announcements," Kara Ng, senior economist at Zillow Home Loans, said in a statement.
Learn more: Will mortgage rates ever be 3% again?
Recent mortgage rate volatility is top of mind for many homebuyers, said Dan Bauer, head of residential lending at Alliant Credit Union in Chicago.
"A lot of the questions coming in are related to, 'Is this the right time to lock? Should I wait?'" Bauer said. For many prospective buyers, Alliant suggests locking at current interest rates with a float-down option that would allow them to receive a lower rate if the market moves lower.
Rising rates have put a dent in mortgage applications . New home purchase applications were down 5% through Friday compared to a week earlier, according to the MBA, while refinancing applications dropped 12% in the same time frame.
Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance.
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