As markets make their way through the government shutdown, delayed employment data and the latest Fed cut, mortgage rates saw a slight uptick this week, but are still well below recent averages.

According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the 30-year fixed-rate mortgage (FRM) averaged 6.34%, a 4-basis-point increase from last week’s average of 6.30%.

“The 30-year fixed-rate mortgage increased again this week but remains below its 52-week average of 6.71%,” said Sam Khater, Freddie Mac’s chief economist. “The last few months have brought lower rates and as indicated by the recently reported increase in pending home sales, homebuyers are feeling more confident to get into the market.”

Realtor.com Senior Economist Jiayi Xu, commented, “The timing of (the government shutdown) 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,” Xu continued. “Still, the longer the shutdown drags on, the greater its potential influence on markets and monetary policy decisions will be.”

Xu added, “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.” 

Quick snapshot: 

• The 30-year FRM averaged 6.34% as of October 2, 2025, up from last week when it averaged 6.30%. A year ago at this time, the 30-year FRM averaged 6.12%.
• The 15-year FRM averaged 5.55%, up from last week when it averaged 5.49%. A year ago at this time, the 15-year FRM averaged 5.25%.

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