Good morning! Mortgage rates improved for a second straight day this morning, even as the stock market is having one of its best days in a while. That combination doesn't happen often, so let's talk about why — and what it means if you're buying, selling, or just watching the market right now.
A softer jobs report: Private employers added just 44,000 jobs in July, well below the roughly 70,000 that were expected. Weaker hiring data tends to be good news for rates, since it eases pressure on the bond market.
Stocks are soaring: The Dow, S&P 500, and Nasdaq are all up sharply this morning on hopes that a deal to reopen the Strait of Hormuz with Iran could be close. Normally, a stock rally like this pushes mortgage rates up — today it hasn't, which is the story worth paying attention to.
A Fed official talks tougher: One Federal Reserve official suggested it may be time to start raising rates again — a more cautious tone than markets have been pricing in lately. It's a reminder that the rate outlook isn't fully settled.
| Loan Type | Today's Rate | Change |
| 30-Yr Conventional | 6.750% | ▼ -0.070 |
| 15-Yr Conventional | 6.290% | ▼ -0.030 |
| 30-Yr FHA | 6.290% | ▼ -0.040 |
| 30-Yr VA | 6.310% | ▼ -0.040 |
| 30-Yr Jumbo | 6.900% | ▼ -0.020 |
| 7/6 ARM | 6.310% | ▼ -0.050 |
Rates shown are published market snapshots for a $400K loan, for general educational purposes. They are not a quote or a commitment to lend — your actual rate depends on your credit, down payment, and individual loan details.
Later today, a key report on the services sector of the economy comes out at 10 AM, which can move rates a bit. Tomorrow brings the weekly unemployment claims report and Freddie Mac's official weekly rate survey.
The big one to watch: Friday morning brings the official U.S. jobs report for July. That's the report that tends to move rates the most, in either direction, so if you're timing a rate lock, keep it circled.
Rates got a little better this morning, and it's now happened two days in a row. That's a nice change, especially with stock headlines sounding so upbeat — usually good stock news means worse rate news, but today the two are moving in your favor together. If you're actively shopping, this is a reasonably good window. Just know that Friday's jobs report could shake things up in either direction, so if you find a rate you like before then, it may be worth locking it in.
Here's a talking point for your buyers who are hesitating: the stock market is having a great morning on hopeful geopolitical news, but mortgage rates actually improved rather than worsened. That's not the usual pattern, and it's worth pointing out — it shows rates aren't just along for the ride with the stock market right now. Friday's jobs report is the next real test, so buyers on the fence might want to move sooner rather than wait past it.
Mortgage bonds are holding their ground even with a strong risk-on rally in equities, which tells you the softer jobs data is doing real work behind the scenes. A Fed official's more hawkish comments today are worth watching, even though prediction markets are still overwhelmingly betting on the Fed holding steady in September. With Friday's jobs report and next week's inflation data both on deck, this is a good week to keep your pricing sheets refreshed intraday and to have that binary-risk conversation with borrowers who are on the fence about locking.
Rates and market data reflect a snapshot as of the morning of August 5, 2026, and can change throughout the day. This post is for general informational purposes only and is not financial advice or a commitment to lend.
Dan Frio · Licensed Mortgage Loan Officer · NMLS #246527
