All we need is more talk about nuclear submarines to get mortgage rates to fall into the 5s and fire up a late-summer rally!

When it comes to financial markets and the traders that trade the bonds that move mortgage rates, it was important because it meant the labor market is in weaker shape than previously thought–a good reason to push rates quickly lower today. (Incidentally, many other economic reports suggested weaker labor market conditions last month and the jobs report bucked that trend by coming in higher.  In other words, it is now more aligned with what the other data has been indicating.)

The 30yr fixed rates fell an eighth of a point with the day’s initial rate sheets and some lenders are in the process of offering mid-day improvements this afternoon.  This brings our rate index to its lowest levels since early April. By the time lenders are done making their afternoon adjustments, we could be at the lowest levels since mid-October 2024.

https://www.mortgagenewsdaily.com/markets/mortgage-rates-08012025