Mortgage Rates

The average 30-year fixed mortgage rate over the past 4 weeks was 6.44%, which is 0.04 higher than than this week’s rate. That shift translates to a change of $13.0 in monthly payments for Union's median-priced home (currently $499,725).

Each 1% change in mortgage rates shifts purchasing power by roughly 10%, directly impacting how much buyers can afford and the number of qualified buyers sellers might attract. This is important because even small rate changes can quickly reshape demand and competition, ultimately driving price trends in the market.

Pro Tip: The 10-year Treasury yield serves as the key reference point for 30-year mortgage rates, with both responding similarly to changes in economic conditions and investor sentiment. Watching Treasury yield trends helps buyers and sellers anticipate where mortgage rates may move next, giving a valuable heads-up for timing decisions.