Mortgage rates this week finally moved in the right direction. As of November 2, the 30-year fixed sits around 7.27%, tied for the lowest since September 23 and down from the 7.61% high on October 5.
In this clip from Market Update 197, Mike Mills breaks down what moved rates. The Fed held, but it wasn't a friendly hold. Oil and tech stocks pulled rates down, and the Treasury's new $1.4 trillion borrowing estimate pulled them back up. Plus whether an election moves rates, what happened after the 2014 midterms, and why this week's jobs report is the big one.
Full episode: https://youtu.be/FDwLSZRFO8U
Podcast: https://www.thetexasrealestateandfinancepodcast.com/competing-with-new-construction/
Chapters
0:00 The Fed held. Rates barely flinched
0:23 Mortgage rates as of November 2
1:26 What moved rates this week
1:47 The 10-year Treasury, oil and tech stocks
2:11 $1.4 trillion in new Treasury borrowing
2:42 Does an election move rates?
3:18 What happened after the 2014 midterms
3:38 This week: bond auctions and the jobs report
4:00 What to do if you have a buyer
4:13 Ask your AI where that rate came from
Mortgage rates (Mortgage News Daily Index, as of November 2, 2026)
30-Year Fixed Conventional: 7.27%
15-Year Fixed Conventional: 6.92%
30-Year FHA: 6.91%
30-Year VA: 6.92%
30-Year Jumbo: 7.52%
These are average market rate index numbers from Mortgage News Daily and may not reflect the specific rates you qualify for. Mortgage rates vary widely depending on your credit score, loan type, down payment, and more. Talk to a licensed mortgage professional, like Mike, or your lender.
Sources: Mortgage News Daily rate index and 10-year Treasury data · U.S. Treasury borrowing estimates (Nov 2, 2026) · Sage Advisory on midterm-year yields · CNBC (Nov 5, 2014)
Contact Mike: mike@mikemillstx.com | 817-689-6079
Mike Mills, NMLS #756263 · GVC Core Community Mortgage · NMLS #2334
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