What happened to mortgage rates this week
The Freddie Mac 30-year mortgage rate increased 4 basis points to 6.34% this week as markets weigh the implications of the government shutdown. The timing of this disruption is particularly sensitive, coming just after the Federal Reserve cut policy rates for the first time in nine months. The Fed is now awaiting critical economic data—such as employment reports and inflation figures—to guide its next steps, but these releases are highly likely to be delayed. Fortunately, because the Fed operates independently, the shutdown will not affect the timing of its next meeting, even if the disruption continues through the end of the month. Still, the longer the shutdown drags on, the greater its potential influence on markets and monetary policy decisions will be.
What it means for the housing market
Mortgage rates are expected to remain within a tight range during the shutdown unless other unexpected developments emerge. However, growing uncertainty may discourage prospective buyers, potentially delaying home sales—especially