Mortgage Rates Today, October 5, 2026 (index as of Oct 2 close)

Today’s index numbers

All four readings below come from the Mortgage News Daily rate index on the same day, so they can be compared with each other.

• 30-year fixed: 7.57% (+0.03 on the day) — Mortgage News Daily, as of October 2, 2026
• 15-year fixed: 7.19% (+0.01 on the day) — Mortgage News Daily, as of October 2, 2026
• FHA 30-year: 7.20% (+0.05 on the day) — Mortgage News Daily, as of October 2, 2026
• VA 30-year: 7.21% (+0.04 on the day) — Mortgage News Daily, as of October 2, 2026

Freddie Mac weekly survey: 7.28%, week of 10/01. A weekly national survey of purchase applications, so it lags the daily index above. The next survey publishes Thursday at noon Eastern.

Also today: the jumbo 30-year held at 7.66% in the same Mortgage News Daily index and the 7/6 ARM eased 2 basis points to 6.85%. The federal funds target range is 3.75% to 4.00%, raised a quarter point on September 16 (Federal Reserve). The 10-year Treasury is near 5.30% this morning, up slightly, after closing Friday around 5.26%. Friday’s September employment report showed payrolls up just 29,000 against a forecast near 90,000, the unemployment rate at 4.2% and annual wage growth slowing to 3.0%, with July and August revised down a combined 60,000 (Bureau of Labor Statistics). Market pricing now leans heavily toward no change at the October 28 Fed meeting while still carrying meaningful odds of an increase by December, according to market reporting. ISM services for September is due at 10:00 a.m. Eastern, after this page publishes, and the September FOMC minutes come Wednesday afternoon. The Optimal Blue daily rate-lock index is shown live in the widget on the home page.

These are national survey and index averages, not an offer.

What moved rates

Friday is a useful lesson in the difference between news and pricing. The September jobs report was weak by every measure that matters, and for a few hours the bond market traded accordingly: mortgage-backed securities gained more than three eighths of a point and the 10-year Treasury fell nearly six basis points at the intraday lows. By the close, all of it was gone. Mortgage News Daily’s own wrap was headlined around bonds selling off despite the weaker jobs report, and the daily index finished 3 basis points higher rather than lower, with FHA up 5 and VA up 4.

So to answer the question this page raised on Friday directly: almost none of the jobs-report move reached mortgage pricing. What it bought was a few hours in the middle of one trading session. That is worth understanding, because the gap between a headline and a rate sheet is where a lot of frustration comes from.

The explanation traders are offering is that the bond market is no longer trading the labor market as its main concern. The forces that drove the 10-year to a 24-year high above 5.34% last week have not gone away: oil prices tied to Middle East conflict, inflation that has stopped improving on an annual basis, and the volume of government debt the market has to absorb. A soft payroll number does not address any of those. It lowers the odds of a near-term Fed increase, which is why the short end held its gains better than the long end, and mortgage pricing keys off the long end.

This week is quieter but not empty. ISM services this morning is the first real test, and the September FOMC minutes Wednesday afternoon will show how divided the committee was at the meeting where it raised. There are also 10-year and 30-year Treasury auctions Wednesday and Thursday, which matter more than usual in a market worried about supply.

What it means if you are…

Shopping. Friday is the argument for not timing this. The news went your way, the market went the other way, and anyone waiting for a headline to deliver a better rate got nothing for the wait. The useful version of the same effort is comparison: two or three quotes gathered inside the same day or two, rate and APR together, and a direct question about what the quote costs in points. That reliably produces a difference. Watching the news does not.

Refinancing. FHA at 7.20% and VA at 7.21% remain roughly 36 basis points below the conventional reading, though both rose more than conventional did Friday. If you hold either, those are the numbers your own refinance prices against. The refinance savings check on this site shows what a given rate change does to the payment and how many months it takes to recover what the loan costs to set up.

Under contract. Nothing this week carries the weight Friday’s report did, which makes it a reasonable week to handle the mechanical items rather than watch pricing. If your lock expires inside 30 days, confirm the exact date and what an extension costs. If you are floating, the two auctions and the Fed minutes are the three moments with any real power to move the long end, and all three land Wednesday or Thursday.

What a $400,000 loan looks like at today’s average

At 7.57% on a 30-year fixed, principal and interest on a $400,000 loan is approximately $2,816 per month (7.57% ÷ 12 = 0.631% monthly rate, over 360 payments). These figures exclude property taxes, homeowners insurance, flood insurance, mortgage insurance and any association dues; the actual monthly obligation will be greater.

Florida note

If you are financing a Florida condo, the building’s paperwork now matters as much as your own. Since the state tightened its rules after Surfside, condo associations have been required to complete milestone structural inspections on older buildings and to fund reserves based on a structural integrity reserve study rather than voting to waive them. That has two direct effects on a loan. First, lenders ask for the association’s documents, and a building with deferred structural work, pending litigation, or reserves well under what the study calls for can fail the review, which means conventional and FHA financing may not be available on that unit at any rate. Second, associations catching up on reserves have raised dues sharply, and the dues figure goes into your qualifying ratios, so a unit that pencils at one assessment amount may not at another. The practical sequence is to ask for the association’s questionnaire, budget, reserve study and any milestone inspection report early, before the inspection period runs out, and to have your lender review them rather than assuming the unit is approvable. A beautiful condo in a building that cannot be financed is a problem that shows up late and costs time. This is a document question, not a rate question, and it is the single most common reason a Florida condo purchase falls apart.

Rates shown could change or may not be available at commitment or closing. For a quote on your own scenario, use the rate-quote form on this page.

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