"The average rate on a 30-year fixed-rate mortgage rose nine basis points to 6.23% APR in the week ending Nov. 20, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point. We finally have federal labor market data from September, after a multi-week delay due to the government shutdown. But it's a little too late, and not tremendously useful - like that cousin who wanders in to "help" just as the last Thanksgiving dish hits the drying rack."
"The Federal Reserve doesn't set mortgage rates, but its central bankers do try to make sure the economy doesn't dry out from either high inflation or unemployment. Mortgage rates tend to shift in anticipation of the Fed's next move: Rates might go lower if a cut to the federal funds rate appears likely, and higher if it doesn't. Some forecasters still see hope for"
The average 30-year fixed mortgage rate increased to 6.23% APR, rising nine basis points. September employment data arrived late because of a government shutdown, reducing its current usefulness. October's jobs report was canceled and November's report will be delayed until Dec. 16, leaving limited jobs data for the Fed's Dec. 9-10 meeting. Employers added 119,000 jobs in September while unemployment ticked up to 4.4%. Mortgage markets are pricing as if the Fed will not cut rates, pushing average rates higher. Some forecasters still expect a 25-basis-point cut in December, and views among policymakers differ.
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