Mortgage rates were little changed this week amid an ongoing economic data drought before the federal government reopened on Wednesday.
The average 30-year fixed-rate mortgage was 6.24% this week through Wednesday, up from 6.22% a week earlier. Fifteen-year fixed-rate mortgages averaged 5.49%, down from 5.5%.
Learn more: How a government shutdown affects mortgage rates
Ten-year Treasury yields, which mortgage rates closely track, were little changed this week as Congress voted to end the longest-ever government shutdown, and bond markets were closed for Veterans Day on Tuesday. The shutdown meant October’s nonfarm payrolls report, which frequently moves bond yields and thus mortgage rates, wasn’t released as scheduled on Nov. 7.
“While the 10-year Treasury yield has shown signs of stabilizing, there is no strong, immediate catalyst to push it significantly higher or lower,” Realtor.com senior economist Anthony Smith said in a statement.
At current levels, mortgage rates remain near year-to-date lows. Mortgage applications to purchase a new home ticked up 6% last week through Friday, according to Mortgage Bankers Association data, and refinancings dipped 3%.
Mortgage rates may become more volatile in the coming weeks as the return of government workers allows for the release of delayed economic data. Some older data on the health of the labor market in September is expected to be released in the coming days, though other reports may never materialize.
Kevin Hassett, President Trump’s top economic adviser, said on Thursday that the October jobs data would be partially released, but won’t include the unemployment rate.
“The market may need to reassess its outlook on the labor market and inflation as government data resumes, which could lead to renewed volatility in interest rates,” Kara Ng, senior economist at Zillow Home Loans, said in a statement.
Read more: Where and how to get the lowest mortgage rates right now
Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance.
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