Mortgage rates rose 0.04% today to an index value of 7.57% for a top-tier 30yr fixed scenario for the average lender today. That uptick in and of itself isn't especially large, but it's a bit counterintuitive on a day where the hotly anticipated jobs report came in much weaker than expected.  The jobs report has 2 key components: Nonfarm Payrolls (NFP) and the unemployment rate. For most of the time any rate watcher can remember, NFP matters way more. The market still reacts to it (which is why bonds initially improved this morning), but unemployment has arguably taken the lead in terms of accurately capturing labor market trends. Even then, today's unemployment rate of 4.2% (up from 4.1% last month) shouldn't have been a problem. The catch was that the unrounded numbers made the gap even smaller (4.175% vs 4.141%). Additionally, more people entered the labor force. If the labor force had held steady with last month, today's unemployment rate would have been 3.951%. None of those numbers is particularly troubling for the employment outlook, but 3.951% especially so. That helped explain why bonds eventually gave back their early gains, along with a rebound in oil prices and easing concerns about European bond markets that had helped U.S. rates move lower yesterday. When bond gains evaporate, mortgage lenders may be forced to raise rates during the day. This happened on multiple occasions. The average lender was actually slightly lower at first, but ultimately ended higher compared to Thursday's latest levels. 

October 2, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 7.57% +0.03%   5.99% 7.6% 15 Yr. Fixed 7.19% +0.01%   5.55% 7.22% 30 Yr. Jumbo 7.66% +0.00%   6.1% 7.66% Compare Mortgage Rates from Local Lenders for Oct 2, 2026 Mortgage Rates End Higher Despite Promising Start Fri, Oct 2, 2026 3:03PM Mortgage rates rose 0.04% today to an index value of 7.57% for a top-tier 30yr fixed scenario for the average lender today. That uptick in and of itself isn't especially large, but it's a bit counterintuitive on a day where the hotly anticipated jobs report came in much weaker than expected.  The jobs report has 2 key components: Nonfarm Payrolls (NFP) and the unemployment rate. For most of the time any rate watcher can remember, NFP matters way more. The market still reacts to it (which is why bonds initially improved this morning), but unemployment has arguably taken the lead in terms ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 7.57% +0.03 0.00 15 Yr. Fixed 7.19% +0.01 0.00 30 Yr. FHA 7.20% +0.05 0.00 30 Yr. Jumbo 7.66% 0.00 0.00 7/6 SOFR ARM 6.85% -0.02 0.00 30 Yr. VA 7.21% +0.04 0.00 Updates Daily - Last Update: 10/2 Freddie Mac Rate Change Points 30 Yr. Fixed 7.28% +0.25 0.00 15 Yr. Fixed 6.60% +0.18 0.00 Updates Weekly - Last Update: 10/1 Mortgage Bankers Assoc. 30 Yr. Fixed 7.30% +0.18 0.75 15 Yr. Fixed 6.56% +0.13 1.02 30 Yr. Jumbo 7.27% +0.12 0.50 Updates Weekly - Last Update: 9/30 UMBS 30YR 6.0 98.06 -0.25   98.04 102.75 UMBS 30YR 6.5 100.55 -0.27   100.55 104.00 10 YR Treasury 5.279 +0.041   3.948 5.290 Why Bonds Aren't More Excited About The Jobs Report Fri, Oct 2, 2026 9:36AM MBS are up more than 3/8ths and the 10yr is down almost 6bps at the lowest levels in a week after the job count came in at 29k vs 90k f'cast. That's the good news. But if it seems like the rally should be bigger for such a hotly anticipated report, there's a reason. First off, we need to remember that it takes fewer jobs created to keep unemployment stable t... (read more) MBS Price Change UMBS 5.5 95.41 -0.25 UMBS 6.0 98.06 -0.25 UMBS 6.5 100.55 -0.27 GNMA 5.5 95.71 -0.22 GNMA 6.0 98.36 -0.33 GNMA 6.5 100.41 -0.21 Pricing as of: 10/2 6:07PM EST US Treasury Yield Change 2 YR Treasury 4.830 +0.036 5 YR Treasury 5.059 +0.051 7 YR Treasury 5.162 +0.033 10 YR Treasury 5.279 +0.041 30 YR Treasury 5.612 -0.006 Pricing as of: 10/2 6:07PM EST Other News LOS, Database, Equity, Retention Tools; UAD 3.6 Thoughts; Home Prices vs. Inflation; Weak Jobs Data Fri, Oct 2, 2026 11:29AM “A clear conscience is usually the sign of a bad memory.” How’s your memory of rates, and what you did when they moved higher? 30-year mortgage rates were about at this level, briefly, exactly three years ago, but before that we weren’t here since the late 1990’s when they were at these levels for a long time. How many of your sales staff were in the biz the... (read more) Latest Video Mortgage News Daily’s Matt Graham on what to expect from mortgage rates Why former Minneapolis Fed president Gary Stern believes more rate hikes ar... August factory orders come in slightly below expectations Fed's Jefferson: Future policy adjustments should be determined carefully Around the Web Investing Live Fed’s Goolsbee: Labor market is steady, inflation side of Fed’s job is more important Realtor.com Institutional Investors Are Quietly Returning to the Housing Market Investing Live Crude oil breaks below support as stockpile release headlines pressure prices. CNBC Traders now see little chance of a Fed rate hike in October after weak jobs report CNBC U.S. nonfarm payrolls increase by 29,000 in September, less than expected; unemployment rises to 4.2% S&P Global PMI hits highest level since May 2022 Investing Live Fed’s Schmid: Rising long-term rates are starting to strain housing and commercial lending Federal Reserve Fed's Jefferson: Officials May Need More Time for Next Move CNBC Treasury yields inch higher as investors await key jobs report Eye on Housing Private Residential Construction Spending Posts Broad-Based Gains in August PR Newswire ISM Manufacturing PMI® at 54.5% Investing Live US construction spending for the month of August 0.9% versus 0.0% expected Investing Live US factory orders for the month of August 0.1% versus 0.1% estimate

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