The bonds that underly mortgage rates were only slightly stronger today, but that's never a bad thing when they closed near the best levels in a year the previous day. Additionally, those bonds improved by the end of the day yesterday, meaning that mortgage lenders were going into today with a bit of a cushion. When lenders set rates, they are basically looking at a constantly-moving bond market and locking in rates that will be in effect for the rest of the day.  Mid-day changes only happen if bonds make a big enough move and yesterday's wasn't big enough for most lenders. Yesterday's cushion combined with today's modest additional improvement for fairly decent drop in the average top tier 30yr fixed rate.  We're also now in the zone of rates where movement happens more quickly due to the underlying architecture of the mortgage bond market.  In not so many words, this causes rates to accelerate toward levels that end in 0.125 or .625 for reasons that are too esoteric to dig into today (if you want to nerd out, here you go: Why Mortgage Rates Move in Jumps Instead of Straight Lines). Some lenders are offering their lowest rates in over a year, and some in over 3 years.  The average lender is right in line with 1-year lows and close enough to 3-year lows.

October 21, 2025 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.05%   6.13% 7.26% 15 Yr. Fixed 5.81% -0.04%   5.6% 6.59% 30 Yr. Jumbo 6.30% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 21, 2025 Another Winning Day For Mortgage Rates Tue, Oct 21, 2025 4:29PM The bonds that underly mortgage rates were only slightly stronger today, but that's never a bad thing when they closed near the best levels in a year the previous day. Additionally, those bonds improved by the end of the day yesterday, meaning that mortgage lenders were going into today with a bit of a cushion. When lenders set rates, they are basically looking at a constantly-moving bond market and locking in rates that will be in effect for the rest of the day.  Mid-day changes only happen if bonds make a big enough move and yesterday's wasn't big enough for most lenders. Yesterday's ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.05 0.00 15 Yr. Fixed 5.81% -0.04 0.00 30 Yr. FHA 6.01% -0.04 0.00 30 Yr. Jumbo 6.30% 0.00 0.00 7/6 SOFR ARM 5.89% -0.06 0.00 30 Yr. VA 6.03% -0.04 0.00 Updates Daily - Last Update: 10/31 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.56 +0.01   95.05 100.11 UMBS 30YR 5.5 101.06 -0.01   97.47 101.40 10 YR Treasury 4.076 -0.020   3.932 4.780 Crude Notions About Underlying Bid Tue, Oct 21, 2025 11:34AM On the one hand, there's not much going on for the bond market these days.  The jobs report is a flat-out requirement in terms of informing major changes in momentum. On the other hand, there are a few concerns in the background that have been helping the general uncertainty resolve in favor of buyers. One of last week's contenders was regional bank los... (read more) MBS Price Change UMBS 4.5 97.56 +0.06 UMBS 5.0 99.56 +0.01 UMBS 5.5 101.06 -0.01 GNMA 4.5 97.65 +0.04 GNMA 5.0 99.73 +0.05 GNMA 5.5 100.82 -0.03 Pricing as of: 11/1 4:05AM EST US Treasury Yield Change 2 YR Treasury 3.574 -0.034 5 YR Treasury 3.683 -0.035 7 YR Treasury 3.873 -0.025 10 YR Treasury 4.076 -0.020 30 YR Treasury 4.653 -0.004 Pricing as of: 11/1 4:05AM EST Other News AI, Reverse, Commercial, Underwriting, AVM Tools; LOs and Technology; Non-QM and HELOCs Tue, Oct 21, 2025 11:51AM “What do Costco and Las Vegas have in common? You go to buy a gallon of milk, and it costs you $285.” There isn’t a lot of autumn foliage here in Las Vegas, but if you’d like a map of the fall colors, here you go. I’ve received a few comments about how the industry is changing, and in curious ways. There is some creative thinking out there. Along those lines... (read more) Latest Video Former Dallas Fed President: The bar for further cuts after October is high... Commercial Real Estate is getting on the blockchain WaFd CEO: Market is overreacting and regional banks are strong National Retail Federation CEO: Consumer continues to be resilient heading ... Around the Web Calculated Risk Blog Lawler: Early Read on September Existing Home Sales, and Update on MBS Yields and Spreads Federal Reserve Bank of Philadelphia October 2025 Nonmanufacturing Business Outlook Survey CNBC Treasury yields lower as investors continue to monitor government shutdown Calculated Risk Blog NAHB: Builder Confidence Increased in October, Negative territory for 18 consecutive months Eye on Housing Median Age of Construction Labor Force Holds at 42 Calculated Risk Blog California Home Sales Up 6.6% Year-over-year SAAR in September Eye on Housing Non-Conventional Financing for New Home Sales Loses Ground in 2024 CNBC Treasury yields inch higher as investors weigh the state of the U.S. economy CNBC What student loan borrowers can and can't do, as the government shutdown stretches on Calculated Risk Blog Housing October 20th Weekly Update: Inventory Up 0.3% Week-over-week Calculated Risk Blog LA Ports: Imports and Exports Down YoY in September CNBC U.S. and Australia sign critical minerals agreement with $8.5 billion project pipeline American Bankers Assoc. National Survey: U.S. Consumers Rank Banks Above OtherIndustries for Fraud Protection, Support Consistent Rules for DataSharing

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