Bond market
Bonds rally after Democrats win Congress, giving mortgage rates a chance to improve
· Enrique Pelayo Jr., NMLS #131435
Treasury yields fell overnight after Democrats won control of both the House and Senate in Tuesday's midterms. That is a helpful start for mortgage pricing, but Friday's jobs report is the next big test.
Tuesday's midterm elections handed Democrats control of both chambers of Congress, and the bond market reacted quickly. Treasury yields moved lower overnight and into Wednesday morning, while the dollar weakened. Investors appear to be betting that a divided government will mean less new spending and borrowing, which tends to ease pressure on longer-term rates.
Mortgage rates had been sliding for several days heading into the vote before ticking up slightly on Election Day. Lenders reprice from the bond market, so if Wednesday's rally holds, many lenders could offer modestly better pricing today or tomorrow.
The bigger picture has not changed much. The Fed held steady last week with two officials voting for a hike, and Friday's October jobs report will shape whether a December increase stays on the table. A strong report could quickly undo the election-week gains.
Our rates today
Lender sheets as of Nov 4, 11:23 AM PT| Loan | Rate | APR | Since yesterday |
|---|---|---|---|
| 30-year fixed | 6.750% | 6.790% | unch. |
| 15-year fixed | 6.250% | 6.313% | +0.125 |
| 30-year FHA | 6.250% | 6.824% | −0.125 |
| 30-year VA | 6.250% | 6.423% | −0.125 |
| 30-year jumbo | 6.875% | 6.898% | unch. |
| 5-year ARM | 6.375% | 6.420% | −0.125 |
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: Euronews, Nov. 4, 2026; CNBC, Nov. 3, 2026; Fortune, Nov. 4, 2026; Mortgage Bankers Association, Oct. 28, 2026.
See what today's market means for your loan
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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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