Mortgage Rate Update: Rates Decline for the Third Straight Week

What Did Rates Do This Week?

Mortgage rates improved for the third consecutive week, with declines across all major loan programs. Conventional, FHA, VA, and jumbo rates all moved lower, giving buyers and homeowners some welcome relief.
It was a relatively quiet week for economic reports, so market attention shifted to concerns about changing sentiment in the technology sector, particularly around AI. These concerns prompted investors to move money into safer investments, including Treasury bonds. When demand for bonds increases, yields often fall, which can help pull mortgage rates lower. Friday’s Global Services and Manufacturing PMI reports also provided insight into business activity and the broader economic outlook.

What to Look Forward to Next Week

Next week, investors will watch upcoming economic reports for clues about inflation, economic growth, and the Federal Reserve’s next steps. After three consecutive weeks of improvement, markets will be looking for signs that mortgage rates can continue trending lower.

Lock or Float Bias

Current Lock/Float Bias: Neutral to Slight Float

With mortgage rates declining for three straight weeks, borrowers with more time before closing may choose to float in hopes of further improvement. Those closing within the next 15–30 days may want to consider locking to protect their current rate. While the recent trend is encouraging, rates can still move quickly as market conditions change.