Wednesday, November 11, 2026Mortgage news · Rates & market context

Jobs · ORIGINAL ECONOMIC RELEASE

Employment Cost Index: PDF

Compensation costs for civilian workers increased 0.9 percent, seasonally adjusted, for the 3-month period ending in March 2025, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 0.8 percent and benefit…

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

THE PRIMARY SOURCE

Read the release

Original source →

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

Compensation costs for civilian workers increased 0.9 percent, seasonally adjusted, for the 3-month period ending in March 2025, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 0.8 percent and benefit costs increased 1.2 percent from December 2024. (See tables A, 1, 2, and 3.)

Compensation costs for civilian workers increased 3.6 percent for the 12-month period ending in March 2025 and increased 4.2 percent in March 2024. Wages and salaries increased 3.5 percent for the 12-month period ending in March 2025 and increased 4.4 percent in March 2024. Benefit costs increased 3.8 for the 12-month period ending in March 2025. The prior year’s increase was 3.7 percent. (See tables A, 4, 8, and 12.)

Compensation costs for private industry workers increased 3.4 percent over the year. In March 2024, the increase was 4.1 percent. Wages and salaries increased 3.4 percent for the 12-month period ending in March 2025 and increased 4.3 percent in March 2024. The cost of benefits increased 3.5 percent for the 12-month period ending in March 2025 and increased 3.6 percent in March 2024. Inflation-adjusted (constant dollar) wages and salaries increased 1.0 percent for the 12 months ending March 2025. (See tables A, 5, 9, and 12.)

Within private industry by bargaining status, compensation costs increased 4.6 percent for union workers and 3.3 percent for non-union workers for the 12-month period ending in March 2025. Wages and salaries increased 4.5 percent for union workers and 3.2 percent for non-union workers for the 12-month period ending in March 2025. Benefit costs increased 4.6 percent for union workers and 3.4 percent for non-union workers for the period ending in March 2025. (See tables 6, 10, and 12.)

Compensation costs for state and local government workers increased 4.3 percent for the 12-month period ending in March 2025 and increased 4.8 percent in March 2024. Wages and salaries increased 4.1 percent for the 12-month period ending in March 2025 and 5.0 percent in March 2024. Benefit costs increased 4.8 percent for the 12-month period ending in March 2025. The prior year’s increase was 4.5 percent. (See tables A, 7, 11, and 12.)

Rounding Changes to Employment Cost Index (ECI) Estimates

Effective with the release of June 2025 ECI data on July 31, 2025, BLS will publish index levels to three decimal places. Percent changes based on these more precise indexes will continue to be published to one decimal place. For more information, see www.bls.gov/eci/notices/2024/changes-to-index-rounding.htm.

Source: U.S. Bureau of Labor Statistics · Original release Apr 30, 2025.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read compensation costs separately from job growth

The Employment Cost Index tracks changes in employers’ hourly compensation costs, including wages, salaries and benefits. Its fixed employment weights limit the effect of shifts between industries and occupations; it does not count newly created jobs. Compare wage and benefit components, and check whether the quoted change is for three months or twelve months and whether it is seasonally adjusted. Compensation trends are one part of the inflation and policy picture, without determining a particular mortgage rate. BLS Employment Cost Index.

Nearest published observation on or before each target date
Benchmark30 days earlierMar 31, 2025Publication referenceApr 30, 202530 days laterMay 30, 2025
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®6.65%Observed 6.81%Observed +16 bps vs. earlier reference6.89%Observed +8 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury4.23%Observed 4.17%Observed −6 bps vs. earlier reference4.41%Observed +24 bps vs. publication reference

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Jan 30, 2025 – Jul 30, 2025
Historical mortgage and Treasury observations around Apr 30, 2025Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.4.00%5.50%7.00%Publication date30-year fixed mortgage: 6.95% · Jan 30, 202530-year fixed mortgage: 6.89% · Feb 6, 202530-year fixed mortgage: 6.87% · Feb 13, 202530-year fixed mortgage: 6.85% · Feb 20, 202530-year fixed mortgage: 6.76% · Feb 27, 202530-year fixed mortgage: 6.63% · Mar 6, 202530-year fixed mortgage: 6.65% · Mar 13, 202530-year fixed mortgage: 6.67% · Mar 20, 202530-year fixed mortgage: 6.65% · Mar 27, 202530-year fixed mortgage: 6.64% · Apr 3, 202530-year fixed mortgage: 6.62% · Apr 10, 202530-year fixed mortgage: 6.83% · Apr 17, 202530-year fixed mortgage: 6.81% · Apr 24, 202530-year fixed mortgage: 6.76% · May 1, 202530-year fixed mortgage: 6.76% · May 8, 202530-year fixed mortgage: 6.81% · May 15, 202530-year fixed mortgage: 6.86% · May 22, 202530-year fixed mortgage: 6.89% · May 29, 202530-year fixed mortgage: 6.85% · Jun 5, 202530-year fixed mortgage: 6.84% · Jun 12, 202530-year fixed mortgage: 6.81% · Jun 18, 202530-year fixed mortgage: 6.77% · Jun 26, 202530-year fixed mortgage: 6.67% · Jul 3, 202530-year fixed mortgage: 6.72% · Jul 10, 202530-year fixed mortgage: 6.75% · Jul 17, 202530-year fixed mortgage: 6.74% · Jul 24, 202510-year Treasury: 4.52% · Jan 30, 202510-year Treasury: 4.58% · Jan 31, 202510-year Treasury: 4.54% · Feb 3, 202510-year Treasury: 4.52% · Feb 4, 202510-year Treasury: 4.43% · Feb 5, 202510-year Treasury: 4.45% · Feb 6, 202510-year Treasury: 4.49% · Feb 7, 202510-year Treasury: 4.51% · Feb 10, 202510-year Treasury: 4.54% · Feb 11, 202510-year Treasury: 4.62% · Feb 12, 202510-year Treasury: 4.52% · Feb 13, 202510-year Treasury: 4.47% · Feb 14, 202510-year Treasury: 4.55% · Feb 18, 202510-year Treasury: 4.53% · Feb 19, 202510-year Treasury: 4.50% · Feb 20, 202510-year Treasury: 4.42% · Feb 21, 202510-year Treasury: 4.40% · Feb 24, 202510-year Treasury: 4.30% · Feb 25, 202510-year Treasury: 4.25% · Feb 26, 202510-year Treasury: 4.29% · Feb 27, 202510-year Treasury: 4.24% · Feb 28, 202510-year Treasury: 4.16% · Mar 3, 202510-year Treasury: 4.22% · Mar 4, 202510-year Treasury: 4.28% · Mar 5, 202510-year Treasury: 4.29% · Mar 6, 202510-year Treasury: 4.32% · Mar 7, 202510-year Treasury: 4.22% · Mar 10, 202510-year Treasury: 4.28% · Mar 11, 202510-year Treasury: 4.32% · Mar 12, 202510-year Treasury: 4.27% · Mar 13, 202510-year Treasury: 4.31% · Mar 14, 202510-year Treasury: 4.31% · Mar 17, 202510-year Treasury: 4.29% · Mar 18, 202510-year Treasury: 4.25% · Mar 19, 202510-year Treasury: 4.24% · Mar 20, 202510-year Treasury: 4.25% · Mar 21, 202510-year Treasury: 4.34% · Mar 24, 202510-year Treasury: 4.31% · Mar 25, 202510-year Treasury: 4.35% · Mar 26, 202510-year Treasury: 4.38% · Mar 27, 202510-year Treasury: 4.27% · Mar 28, 202510-year Treasury: 4.23% · Mar 31, 202510-year Treasury: 4.17% · Apr 1, 202510-year Treasury: 4.20% · Apr 2, 202510-year Treasury: 4.06% · Apr 3, 202510-year Treasury: 4.01% · Apr 4, 202510-year Treasury: 4.15% · Apr 7, 202510-year Treasury: 4.26% · Apr 8, 202510-year Treasury: 4.34% · Apr 9, 202510-year Treasury: 4.40% · Apr 10, 202510-year Treasury: 4.48% · Apr 11, 202510-year Treasury: 4.38% · Apr 14, 202510-year Treasury: 4.35% · Apr 15, 202510-year Treasury: 4.29% · Apr 16, 202510-year Treasury: 4.34% · Apr 17, 202510-year Treasury: 4.42% · Apr 21, 202510-year Treasury: 4.41% · Apr 22, 202510-year Treasury: 4.40% · Apr 23, 202510-year Treasury: 4.32% · Apr 24, 202510-year Treasury: 4.29% · Apr 25, 202510-year Treasury: 4.23% · Apr 28, 202510-year Treasury: 4.19% · Apr 29, 202510-year Treasury: 4.17% · Apr 30, 202510-year Treasury: 4.25% · May 1, 202510-year Treasury: 4.33% · May 2, 202510-year Treasury: 4.36% · May 5, 202510-year Treasury: 4.30% · May 6, 202510-year Treasury: 4.26% · May 7, 202510-year Treasury: 4.37% · May 8, 202510-year Treasury: 4.37% · May 9, 202510-year Treasury: 4.45% · May 12, 202510-year Treasury: 4.49% · May 13, 202510-year Treasury: 4.53% · May 14, 202510-year Treasury: 4.45% · May 15, 202510-year Treasury: 4.43% · May 16, 202510-year Treasury: 4.46% · May 19, 202510-year Treasury: 4.48% · May 20, 202510-year Treasury: 4.58% · May 21, 202510-year Treasury: 4.54% · May 22, 202510-year Treasury: 4.51% · May 23, 202510-year Treasury: 4.43% · May 27, 202510-year Treasury: 4.47% · May 28, 202510-year Treasury: 4.43% · May 29, 202510-year Treasury: 4.41% · May 30, 202510-year Treasury: 4.46% · Jun 2, 202510-year Treasury: 4.46% · Jun 3, 202510-year Treasury: 4.37% · Jun 4, 202510-year Treasury: 4.40% · Jun 5, 202510-year Treasury: 4.51% · Jun 6, 202510-year Treasury: 4.49% · Jun 9, 202510-year Treasury: 4.47% · Jun 10, 202510-year Treasury: 4.41% · Jun 11, 202510-year Treasury: 4.36% · Jun 12, 202510-year Treasury: 4.41% · Jun 13, 202510-year Treasury: 4.46% · Jun 16, 202510-year Treasury: 4.39% · Jun 17, 202510-year Treasury: 4.38% · Jun 18, 202510-year Treasury: 4.38% · Jun 20, 202510-year Treasury: 4.34% · Jun 23, 202510-year Treasury: 4.30% · Jun 24, 202510-year Treasury: 4.29% · Jun 25, 202510-year Treasury: 4.26% · Jun 26, 202510-year Treasury: 4.29% · Jun 27, 202510-year Treasury: 4.24% · Jun 30, 202510-year Treasury: 4.26% · Jul 1, 202510-year Treasury: 4.30% · Jul 2, 202510-year Treasury: 4.35% · Jul 3, 202510-year Treasury: 4.40% · Jul 7, 202510-year Treasury: 4.42% · Jul 8, 202510-year Treasury: 4.34% · Jul 9, 202510-year Treasury: 4.35% · Jul 10, 202510-year Treasury: 4.43% · Jul 11, 202510-year Treasury: 4.43% · Jul 14, 202510-year Treasury: 4.50% · Jul 15, 202510-year Treasury: 4.46% · Jul 16, 202510-year Treasury: 4.47% · Jul 17, 202510-year Treasury: 4.44% · Jul 18, 202510-year Treasury: 4.38% · Jul 21, 202510-year Treasury: 4.35% · Jul 22, 202510-year Treasury: 4.40% · Jul 23, 202510-year Treasury: 4.43% · Jul 24, 202510-year Treasury: 4.40% · Jul 25, 202510-year Treasury: 4.42% · Jul 28, 202510-year Treasury: 4.34% · Jul 29, 202510-year Treasury: 4.38% · Jul 30, 2025Jan 30, 2025Apr 30, 2025Jul 30, 2025
30-year fixed mortgage26 observations10-year Treasury125 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$1,957.77/month

6.81% · Apr 24, 2025

At the later reference$1,973.79/month

6.89% · May 29, 2025

The illustrative principal-and-interest payment is $16.02 higher per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

Understand the policy connection →See current advertised mortgage options →