July 31, 2025

Mortgage rates tiptoed into today with fingers crossed, hoping the bond market would behave—and thankfully, it did. Yesterday’s market movement hinted at a possible rise in rates, but the shifts weren’t dramatic enough for lenders to issue new rate sheets. (Fun fact: lenders prefer not to update rates midday unless absolutely necessary. Think of it as their version of hitting “snooze.”)

Fortunately, this morning’s economic data landed right about where analysts expected, which helped bonds stabilize. As a result, most lenders kept mortgage rates flat compared to yesterday. That means we're still enjoying the lowest average rates since early July—just before the last jobs report caused a brief spike.

But don’t get too cozy just yet…

🚨 Tomorrow’s jobs report is the main event. It’s the heavyweight champion of monthly economic data when it comes to influencing mortgage rates. A stronger-than-expected employment number? Rates will likely head north. A weaker one? Rates could dip.