Bond market
Bonds rally on a tech sell-off, pulling mortgage rates to a one-month low
· Enrique Pelayo Jr., NMLS #131435
Investors moved money into Treasuries and mortgage bonds on Thursday as tech stocks slid, giving lenders room to improve pricing. Rising oil and Middle East tension are the main threats to the move.
Treasury yields fell sharply on Thursday in their biggest one-day drop in more than three years. Disappointing earnings and rising borrowing costs at several AI-related companies sent investors out of tech stocks and into the safest parts of the bond market, including mortgage-backed securities. Mortgage News Daily reported that its daily index of lender rates fell to its lowest level in about a month.
The same day, oil prices jumped on reports that the U.S. and Israel may resume strikes on Iran after the November 3 midterms. Higher energy costs feed inflation, and inflation is what has kept the Fed leaning toward another hike. That tug-of-war is why this rally may not hold: bonds gave back a small part of the gain early Friday.
Mortgage demand is still soft. The Mortgage Bankers Association said applications fell last week even as rates dipped. With the Fed meeting October 27 and 28, the next few sessions could swing in either direction.
Our rates today
Lender sheets as of Oct 23, 9:36 AM PT| Loan | Rate | APR | Since yesterday |
|---|---|---|---|
| 30-year fixed | 6.875% | 6.921% | unch. |
| 15-year fixed | 6.375% | 6.446% | unch. |
| 30-year FHA | 6.375% | 6.967% | unch. |
| 30-year VA | 6.490% | 6.662% | unch. |
| 30-year jumbo | 6.875% | 6.911% | −0.125 |
| 5-year ARM | 6.500% | 6.554% | unch. |
Purchase of a $750,000 primary home in King County with 20% down and a 760 credit score (jumbo: $1.8 million with 25% down; VA: eligible veteran, same price and down payment). Lowest rate with no points from today's wholesale lender sheets. Your rate depends on your credit, loan and property. Not a commitment to lend. Price your own scenario
Sources: CNBC, October 22, 2026; Mortgage News Daily, October 22, 2026; Mortgage Bankers Association weekly application survey, October 21, 2026.
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General market commentary, not a rate quote or commitment to lend. Your rate and terms depend on your credit, loan amount, down payment, property and lender approval, and can change daily. This is a general market view, not advice on whether to lock your rate; talk to us before you lock. Mortgage Lending Group LLC, Company NMLS #1157983. Enrique Pelayo Jr., NMLS #131435. Equal Housing Opportunity.
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