30-Year Mortgage Rate Rises to 6.24%

The average rate for a 30-year U.S. mortgage rose slightly this week to 6.24 percent, marking the second consecutive weekly increase but remaining close to its lowest point of the year, according to Freddie Mac's weekly survey released Thursday.

The uptick from 6.22 percent the previous week follows a drop to 6.17 percent two weeks earlier, the lowest level in more than a year. A year ago, the rate stood at 6.78 percent. In contrast, rates for 15-year fixed mortgages, often used for refinancing, dipped to 5.49 percent from 5.50 percent last week. That compares with 5.99 percent a year earlier.

Mortgage rates are shaped by the Federal Reserve's interest rate policies, investor expectations for economic growth and inflation, and movements in the bond market. They typically track the yield on the 10-year Treasury note, which lenders reference when setting home loan prices. The 10-year yield stood at 4.10 percent at midday Thursday, a modest rise from the prior week.

This week's stability in rates occurred amid a pause in key economic data releases due to the recent federal government shutdown, which ended Wednesday after becoming the longest in U.S. history. The shutdown delayed...