Mortgage Rates Ease Slightly After Weak Jobs Data, but Stay Near Multi-Year Highs
October 3, 2026, Mortgage rates edged down on Friday after the September jobs report showed employers added only 29,000 jobs. Mortgage News Daily's 30-year fixed index fell 0.05 percentage point to 7.49%, a bigger move than usual for a single day.
The numbers
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Daily benchmark (MND, Oct 2): 7.49%, down from 7.54%; up 1.13 points from a year ago
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52-week range: 5.99% to 7.60%
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Freddie Mac weekly (Oct 1): 7.28%, which is at the top of its 52-week range (5.98% to 7.28%)
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MBA contract rate (week ending Sept 25): 7.30%, also at its 52-week high
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10-year Treasury yield: eased to about 5.18% after the report
Why the dip was small
A softer jobs report supports expectations that the Federal Reserve may hold rates at its October 27-28 meeting, which helped bonds. But inflation and energy prices keep yields high, so mortgage rates stay far above last year's levels. Online trackers also differ: figures built on lender-marketplace data ranged from roughly 7.4% to 7.6% on Friday, depending on the source and loan type.
What to expect next
Markets are closed for the weekend, so the next daily reading arrives Monday, and the next Freddie Mac weekly average is due Thursday, October 8. Because lenders reprice with a lag, the effect of Friday's bond rally may not fully show up in quotes yet.
What buyers can do
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Ask your lender about a float-down option if you lock now
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Compare APR, not just the interest rate
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Check whether an adjustable-rate loan fits your timeline, since ARMs are priced lower