Mortgage rates dip ahead of Friday's jobs report
November 6, 2026
Mortgage rates are trending down after a volatile week on Wall Street. Bonds rallied hard as tech stocks sold off, pulling borrowers' rates to their lowest levels since September. Today's jobs report at 8:30am ET is the next big test, and I'd keep an eye on it before making any rate lock decisions.
The biggest story this week was a sharp sell-off in stocks, with the Dow falling more than 1,800 points and the NASDAQ sliding roughly 14% from its October high. Investors moved money into bonds for safety, and mortgage-backed securities gained ground on both Wednesday and Thursday. Weekly jobless claims came in lower than expected, which kept the bond rally intact. Yields are now testing a technical resistance level, so the market could pull back if today's data comes in strong. Lenders are repricing daily, so the rate you're quoted this morning may not be the one you see this afternoon.
Average mortgage rates are trending down, now sitting roughly half a percentage point below where they were a month ago. Affordability remains a challenge for many buyers, but lower rates are giving some households more room in their monthly budgets. Oil prices have dropped sharply over the past week, which helps ease inflation worries, though geopolitical tension in the Middle East keeps the outlook uncertain. Housing inventory data is not available for this update, so buyers should check local listing trends with their agent. Rate movement this month has been driven more by market sentiment than by any single policy change.
For buyers, lower rates make it a good time to get pre-approved and run the numbers on a few price points. Buyers who are close to closing should talk with their loan officer about whether to lock now or float, since the answer depends on how long the loan will take to close. Borrowers with a 30-day or longer timeline may benefit from floating their rate through the jobs report and Tuesday's inflation data. Sellers should expect buyers to have a bit more purchasing power than they did last month. Pricing a home realistically still matters, because a lower rate does not erase the effect of a high list price on monthly payments.
Mortgage rates are trending down, but the market remains sensitive to every new economic report. Today's jobs data and Tuesday's CPI release will likely determine whether the recent rally holds. Borrowers who understand their lock timeline and stay in close contact with their lender are best positioned to act with confidence.