The average long-term U.S. mortgage rate barely budged this week, staying close to 6% as the spring home-buying season nears.
The benchmark 30-year fixed rate mortgage rate edged up to 6.11%, essentially flat compared to last week when it was 6.1%, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.89%.
This is the latest increase since the average rate eased three weeks ago to 6.06%, its lowest level in more than three years.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also ticked up this week. That average rate inched up to 5.5% from 5.49% last week. A year ago, it was at 6.05%, Freddie Mac said.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The 10-year Treasury yield was at 4.21% at midday Thursday, down from 4.23% a week ago.
The latest increase in mortgage rates comes after the Fed decided last week to pause cuts to its main interest rate after lowering rates three times in a row to close out 2025 in an attempt to shore up the job market.
The central bank doesn’t set mortgage rates, but its decisions to raise or lower its short-term rate are watched closely by bond investors and can ultimately affect the yield on 10-year Treasurys that influence mortgage rates.
The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. The combination of higher mortgage rates, years of skyrocketing home prices and a chronic shortage of homes nationally following more than a decade of below-average home construction have left many aspiring homeowners priced out of the market. Sales of previously occupied U.S. homes remained stuck last year at 30-year lows.
Still, the pullback in mortgage rates that began late last summer helped give sales of existing U.S. homes a boost toward the end of last year. In December, sales jumped 5.1% from the previous month.
Home shoppers who can afford to buy at current mortgage rates are benefiting from less competition and a wider selection of properties on the market, trends that are giving buyers more leverage at the negotiating table.
Nearly two-thirds of all homebuyers last year paid less than the original list price -- the highest share since 2019, according to a recent analysis by Redfin.
Economists generally expect mortgage rates to stay relatively stable in the coming months, with forecasts calling for the average rate on a 30-year mortgage to hover around 6%.
FILE - A sign is posted for a new home for sale in Ambler, Pa., Oct. 16, 2025. (AP Photo/Matt Rourke, File)
Giannis Antetokounmpo and Ja Morant are waiting to learn whether they’ll be changing addresses after a former MVP and plenty of other big-name players already have switched teams ahead of Thursday's NBA trade deadline.
Antetokounmpo has been the center of attention heading into the trade deadline amid reports that the Milwaukee Bucks have started listening to offers for the two-time MVP and nine-time all-NBA selection. Antetokounmpo, who hasn’t played since straining his right calf on Jan. 23, has spent his entire 13-year career with Milwaukee and led the Bucks to a title in 2021.
The trade deadline is at 3 p.m. Eastern.
As the deadline approached, the Minnesota Timberwolves acquired guard Ayo Dosunmu from the Chicago Bulls, a person with knowledge of the deal told The Associated Press. The person spoke to the AP on condition of anonymity because the trade hadn't yet been finalized.
Minnesota agreed to send guard Rob Dillingham, forward Leonard Miller and four second-round draft picks to the Bulls for Dosunmu and forward Julian Phillips.
Dosunmu is making about $7.5 million in the final season of his current contract. The 26-year-old is averaging a career-high 15 points per game and shooting a career-best 45.1% from 3-point range. He will fill an obvious need for the Timberwolves for more offense off the bench.
Also, it appears Toronto added a future Hall of Famer in Chris Paul, who will likely never play for the Raptors, to get below the luxury tax threshold.
The Raptors traded with the Los Angeles Clippers for Paul, at least on paper. Toronto also sent forward Ochai Agbaji, a future second-round pick and cash to the Nets, said a person who spoke on condition of anonymity because they were unauthorized to speak publicly while the trade was awaiting league approval.
Paul — who is expected to retire after this season — was sent home by the Clippers in November but remained on their payroll.
Bucks co-owner Jimmy Haslam had been asked this week during Cleveland Browns coach Todd Monken’s introductory news conference whether he expected Antetokounmpo to get traded. Haslam also owns the Browns.
“I would say this,” said Haslam, who purchased a 25% stake in the Bucks in 2023. “Giannis is, I don’t know, a top-three, top-four player in the world. He brought Milwaukee, it’s the first championship in 50 years, several years ago. And he’s a really good person, too. He’s no problem. He’s a great leader. Tries hard, and I think Giannis and the Bucks, and this goes back before we were involved, have always worked closely to see what’s best for Giannis and what’s best for the Bucks, and we’ll continue to do so.”
Antetokounmpo repeatedly has said that he loves playing in Milwaukee, but he also has emphasized that he wants to continue playing for teams committed to competing for championships. The Bucks have lost in the first round of the playoffs each of the last three seasons and are currently 12th in the Eastern Conference standings.
Some of the teams linked to Antetokounmpo include the Golden State Warriors, Miami Heat, Minnesota Timberwolves and New York Knicks. The Warriors already made a move Wednesday night by agreeing to send Jonathan Kuminga and Buddy Hield to the Atlanta Hawks for Kristaps Porzingis.
Morant has spent his entire career in Memphis, but the Grizzlies are 11th in the Western Conference standings and already dealt two-time All-Star Jaren Jackson Jr. to the Utah Jazz this week as part of a roster overhaul.
Although he’s a two-time All-Star in his own right, Morant has seen his stock fall lately because of injuries and off-court issues as well as a drop in production.
Some of the notable players who already have moved ahead of the trade deadline include 2018 MVP and 11-time All-Star James Harden as well as five-time all-NBA selection Anthony Davis.
The Los Angeles Clippers sent Harden to the Cleveland Cavaliers for two-time All-Star Darius Garland and a second-round draft pick. The 26-year-old Garland is 10 years younger than Harden.
Davis is going from the Dallas Mavericks to the Washington Wizards as part of an eight-player trade. The Wizards are receiving Davis, Jaden Hardy, D’Angelo Russell and Dante Exum in exchange for Khris Middleton, AJ Johnson, Malaki Branham, Marvin Bagley III, two first-round picks and three second-round selections.
The Wizards eventually can pair Davis with four-time All-Star guard Trae Young, who came to Washington last month in a trade with Atlanta. Davis and Young are both currently injured.
Each of the conference leaders also has made a move this week.
The defending NBA champion Oklahoma City Thunder acquired Jared McCain from the Philadelphia 76ers for a 2026 first-round draft pick and three second-round selections. The Eastern Conference-leading Detroit Pistons got Kevin Huerter from the Chicago Bulls as part of a four-team trade.
AP Pro Basketball Writer Tim Reynolds and AP Sports Writer Dave Campbell contributed to this report.
AP NBA: https://apnews.com/hub/NBA
Memphis Grizzlies guard Ja Morant looks on from the bench in the second half of an NBA basketball game against the Minnesota Timberwolves, Monday, Feb. 2, 2026, in Memphis, Tenn. (AP Photo/Brandon Dill)
Milwaukee Bucks' Giannis Antetokounmpo blows a bubble on the bench during the first half of an NBA basketball game Tuesday, Feb. 3, 2026, in Milwaukee. (AP Photo/Morry Gash)
Milwaukee Bucks' Giannis Antetokounmpo sits on the bench during the first half of an NBA basketball game Wednesday, Feb. 4, 2026, in Milwaukee. (AP Photo/Morry Gash)
Milwaukee Bucks' Giannis Antetokounmpo smiles on the bench with Thanasis Antetokounmpo during the first half of an NBA basketball game Wednesday, Feb. 4, 2026, in Milwaukee. (AP Photo/Morry Gash)
