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Mortgage rates edge higher even as the latest survey shows mild declines

Freddie Mac’s weekly survey put the rate at 6.76%, up from 6.69% the same time last week, as oil prices rose through the morning and helped lift Treasury yields.

Reported · Written up by our desk · Mortgages

Mortgage News Daily reports that even though Freddie Mac’s weekly mortgage rate survey suggested rates could move slightly lower this week, today’s rates were higher than they were at the same point last week. The rate was 6.76%, compared with 6.69% a week earlier.

The outlet said the day-to-day uptick tracked the movement in energy markets and interest rate benchmarks more than any reaction to policy headlines. According to the report, oil prices rose fairly quickly through 8:00 a.m. ET, and Treasury yields moved in the same direction.

Treasury yields were described as a close proxy for intraday mortgage rate swings, with 10-year yields often used as a quick benchmark. Mortgage News Daily noted that 10-year yields and oil peaked at the same time and then stayed broadly flat for the rest of the session.

While financial coverage also focused on an announcement of Treasury buybacks after Secretary Bessent spoke on CNBC, Mortgage News Daily said the higher rates were better explained by the fuel price-driven shift in yields rather than backlash to the buyback plan.

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