Mortgage Rates Only Modestly Higher Despite Bond Market Weakness

Weakness in the bond market generally means higher mortgage rates. Today was no exception. A key economic report on the manufacturing sector was much stronger than expected. Bonds lost ground as a result and mortgage lenders were forced to set rates higher than Friday's latest levels. But the caveat is that the average lender was only marginally higher. The level of movement in the bond market suggested a bigger change. In other words, mortgage rates fared a bit better than the market suggested. When this happens, it's most frequently due to timing. If bonds lose ground moderately, but those losses happen  after mortgage lenders announce the day's rates, many lenders will simply wait until the following day to adjust rates accordingly. This could explain some of today's resilience.

February 2, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.17% +0.01%   6.01% 7.13% 15 Yr. Fixed 5.76% +0.01%   5.55% 6.5% 30 Yr. Jumbo 6.35% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Feb 2, 2026 Mortgage Rates Only Modestly Higher Despite Bond Market Weakness Mon, Feb 2, 2026 3:35PM Weakness in the bond market generally means higher mortgage rates. Today was no exception. A key economic report on the manufacturing sector was much stronger than expected. Bonds lost ground as a result and mortgage lenders were forced to set rates higher than Friday's latest levels. But the caveat is that the average lender was only marginally higher. The level of movement in the bond market suggested a bigger change. In other words, mortgage rates fared a bit better than the market suggested. When this happens, it's most frequently due to timing. If bonds lose ground moderately, but those... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.17% +0.01 0.00 15 Yr. Fixed 5.76% +0.01 0.00 30 Yr. FHA 5.81% +0.02 0.00 30 Yr. Jumbo 6.35% 0.00 0.00 7/6 SOFR ARM 5.60% -0.01 0.00 30 Yr. VA 5.83% +0.02 0.00 Updates Daily - Last Update: 2/2 Freddie Mac Rate Change Points 30 Yr. Fixed 6.10% +0.01 0.00 15 Yr. Fixed 5.49% +0.05 0.00 Updates Weekly - Last Update: 1/29 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 99.83 -0.19   95.71 100.50 UMBS 30YR 5.5 101.33 -0.09   98.11 101.64 10 YR Treasury 4.277 +0.043   3.932 4.608 Big Beat in ISM Manufacturing. Bonds Aren't Thrilled Mon, Feb 2, 2026 10:19AM Some would say there were warning signs, such as last week's Chicago PMI surging to the 2nd highest level since 2022, but that was generally dismissed as a noisy outlier in a data set that is volatility-prone. In this case, however, Chicago PMI was prescient. Today's ISM Manufacturing data surged to the highest level since 2022, both in terms of the headline... (read more) MBS Price Change UMBS 4.5 97.78 -0.20 UMBS 5.0 99.83 -0.19 UMBS 5.5 101.33 -0.09 GNMA 4.5 97.44 -0.19 GNMA 5.0 99.87 -0.16 GNMA 5.5 101.06 -0.05 Pricing as of: 2/2 4:01PM EST US Treasury Yield Change 2 YR Treasury 3.568 +0.038 5 YR Treasury 3.840 +0.051 7 YR Treasury 4.053 +0.035 10 YR Treasury 4.277 +0.043 30 YR Treasury 4.908 +0.036 Pricing as of: 2/2 4:01PM EST Other News Mgt. Review, BBYS, Digital HELOC, Non-QM Products; Opinions on Credit Fixes; IMB Underway Mon, Feb 2, 2026 11:54AM There are lots of rumors about more M&A. For example, Maxwell, a POS and mortgage origination services company, being acquired by Place, a real estate tech platform and real estate brokerage company. Place (with its Mortgage Calculator App) is rumored to be heavily involved (owns?) Envoy Mortgage. Word in the hallways that Place, and others, will continu... (read more) Latest Video Trump picks Kevin Warsh for Federal Reserve chair to succeed Jerome Powell Chicago PMI jumps to 54 in January, beating estimates of 44 Producer prices up more than expected, though annual rate eases U.S. factory orders rise 2.7% in November Around the Web CNBC Housing affordability isn't just hurting buyers: More homeowners are falling behind on their mortgages CNBC Friday's jobs report will be delayed because of the partial government shutdown Eye on Housing U.S. Population Growth Slows in 2025 PR Newswire Manufacturing PMI® at 52.6%; January 2026 ISM® Manufacturing PMI® Report CNBC Family offices brace for higher inflation with real estate and alternative investments CNBC Treasury yields fall as investors weigh Fed leadership uncertainty CNBC Trump nominates Kevin Warsh for Federal Reserve chair to succeed Jerome Powell CNBC Apartment rents just dropped to the lowest level in 4 years BLS December PPI Higher Than Expected MNI Chicago PMI Jumped to 54.0 in January CNBC Trade balance soared 94% in November and was higher than a year ago, despite tariff efforts FXStreet United States S&P Global Manufacturing PMI came in at 52.4, above forecasts (51.9) in January CNBC Treasury yields move higher as investors await Trump's Fed Chair pick

© 2026  Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: . Go here to UNSUBSCRIBE from this email.