Rates today
Oil slump on Iran talk hopes nudges mortgage rates lower on Election Day
· Enrique Pelayo Jr., NMLS #131435
Mortgage rates slipped again on Monday as oil prices posted their biggest drop since July on hopes for U.S.-Iran diplomacy. Today's midterm elections, Tuesday's job openings report and Friday's jobs report are the next tests.
Lenders opened the week with noticeably better pricing. Daily trackers showed the average 30-year rate falling on Monday, extending a slide that began after the Fed meeting and leaving rates at their best level since late September.
The main help came from energy markets. Crude oil sold off sharply on Monday as hopes grew for a diplomatic breakthrough between the U.S. and Iran. Cheaper oil eases inflation worries, which is good for bonds and mortgage rates, though longer-term Treasury yields were mixed rather than sharply lower as investors waited on the election and this week's data.
Voters head to the polls today in the midterm elections, and traders are watching for any shift in the outlook for government spending and borrowing, which can push long-term rates either way. The October job openings report is also due today, and Friday's jobs report remains the biggest event of the week, with Fed officials still openly discussing a December hike.
Our rates today
Lender sheets as of Nov 3, 7:45 AM PT| Loan | Rate | APR | Since yesterday |
|---|---|---|---|
| 30-year fixed | 6.750% | 6.790% | unch. |
| 15-year fixed | 6.125% | 6.221% | unch. |
| 30-year FHA | 6.375% | 6.945% | unch. |
| 30-year VA | 6.375% | 6.550% | unch. |
| 30-year jumbo | 6.875% | 6.898% | unch. |
| 5-year ARM | 6.500% | 6.541% | 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: NerdWallet, November 2, 2026; CNBC, November 2, 2026 (Treasury and oil market coverage); NBC News, November 2, 2026 (oil prices); The Mortgage Reports, November 3, 2026; Mortgage Daily weekly forecast, November 1, 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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