Daily mortgage rates, housing market news and Fed analysis from Dan Frio, mortgage advisor since 1989.
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Dan Frio NMLS #246527 | PBT Bancorp NMLS #257781 | Equal Housing Lender
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The Rate Update with Dan Frio
The Daily Rate Update — November 2, 2026: Oil Drops, Mortgage Rates Inch Lower
Oil fell more than 7% today on hopes for U.S.–Iran peace talks, and the bond market liked it. The 10-year Treasury slipped to about 4.89%, and mortgage rates are a little better than last week.
📊 TODAY'S RATE SNAPSHOT (vs. last week)
• 30-Yr Fixed: 7.27% (▼0.06)
• FHA 30-Yr: 6.91% (▼0.05)
• VA 30-Yr: 6.92% (▼0.06)
• Jumbo 30-Yr: 7.52% (▼0.08)
• 5/1 ARM: 6.70% (▼0.12)
• 15-Yr Fixed: 6.92% (▼0.07)
📅 THIS WEEK
• Tue: Election Day + JOLTS job openings (10 AM ET)
• Wed: ADP payrolls + ISM services
• Fri: October jobs report, the big one for rates
• Next Tue (Nov 10): October CPI inflation
🏡 BUYERS: The improvement is real but small, about $16/month on a $400K loan. Friday's jobs report is the bigger test. Under contract? Talk to your loan officer about your lock this week.
🤝 REALTORS: Rates are slowly moving your clients' way, and the 5/1 ARM at 6.70% is worth a mention to payment-focused buyers. Ready buyers don't need to wait for a perfect headline.
💼 LOAN OFFICERS: MBS up ~0.15, 10-yr down ~4 bp on the oil selloff, but bonds faded off the midday high with election, JOLTS and payrolls still ahead. Floating into Friday is a bet the Iran talks hold. Closing in 30 days? Locking is the safer call.
⭐ This daily rate update is included in our monthly membership. Join the Rate Ready Club for Dan's daily forecasts, LOCK/FLOAT/WATCH alerts and MBS reports: tap Join on our channel or visit therateupdate.com/rate-ready-club
Rates are market snapshots as of about 2:35 PM ET on 11/2/26 and are not a loan offer or financial advice. Dan Frio | NMLS #246527 | PBT Bancorp | NMLS #257781 | Equal Housing Lender
6 days ago | [YT] | 1
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The Rate Update with Dan Frio
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Dan Frio NMLS #246527 | PBT Bancorp NMLS #257781 | Equal Housing Lender
1 week ago | [YT] | 2
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