August 5,2025

Mortgage rates dipped yesterday, bringing the average 30-year fixed rate back to levels we haven’t seen since early October 2024. This drop came on the heels of last week’s weaker-than-expected jobs report—which markets took as a sign the Fed may need to ease up.

While the bond market hasn’t changed much this week, lenders still had some catching up to do from Friday’s moves. That adjustment pushed rates slightly lower on Monday. Today, however, things are holding steady with no meaningful shift in the bond market—and no reason for rates to move.

💡 Bottom line: Rates are effectively flat today, and apart from a tiny bump yesterday (0.01%), we’re still sitting at the lowest mortgage rates in the past 10 months.