Rates today
Mortgage rates start November at a one-month low, with Fed hawks and jobs data ahead
· Enrique Pelayo Jr., NMLS #131435
Mortgage rates ended last week at their lowest level since late September and opened this week lower again. Two Fed officials are still calling for more rate hikes, and Friday's jobs report could decide where rates go next.
Rates kept sliding after the Fed meeting. Freddie Mac's Thursday survey showed the average 30-year rate falling for a second straight week, and daily trackers had lenders at their best pricing since September 23 by Friday. The main driver was a fresh sell-off in tech stocks, including credit worries around a major AI company, which sent investors toward the safety of bonds.
The Fed is not sounding relieved. On Friday, Dallas Fed President Lorie Logan said the central bank likely needs at least two more increases to get inflation under control, and St. Louis Fed President Alberto Musalem said he was not worried about recent tightening in financial conditions. Both comments point to a Fed still leaning toward hikes, with the next decision on December 9.
The data calendar is busy this week. Monday's manufacturing survey came in stronger than expected, and the October jobs report arrives Friday, November 6. A solid jobs number would strengthen the case for a December hike and could push rates back up; a weak one would likely extend the recent improvement.
Our rates today
Lender sheets as of Nov 2, 6:06 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: Freddie Mac Primary Mortgage Market Survey, October 29, 2026; Mortgage News Daily, October 30, 2026; Reuters, via Investing.com, October 30, 2026 (Logan remarks); CNBC, October 30 and November 2, 2026; NerdWallet, November 2, 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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