Mortgage Rates Today, Saturday, September 5, 2026: Strong Jobs Report Puts 7% Back in Focus

Mortgage rates are entering the weekend under fresh pressure after Friday’s much stronger U.S. jobs report sent Treasury yields higher and revived expectations that the Federal Reserve could raise interest rates this month. The immediate move in home loan rates was surprisingly small, but borrowers now face a more uncertain start to next week.

There is no new nationwide mortgage-rate reset on Saturday because the bond market is closed. That means the latest daily readings are Friday’s September 4 rates. Mortgage News Daily’s national index showed the average top-tier 30-year fixed rate rising just 0.01 percentage point after the jobs report.

The latest daily averages were:

• 30-year fixed: 6.89%
• 15-year fixed: 6.49%
• 30-year jumbo: 7.06%
• FHA: 6.53%
• VA: 6.44%
• USDA: 6.46%

Mortgage News Daily said the relatively small move was notable because employment reports can cause much larger rate swings. Its daily index had reached 6.91% on Wednesday before easing Thursday and then ticking back up Friday. daily rate index

Freddie Mac’s latest weekly benchmark tells a similar story. Its mortgage survey, released Thursday, showed:

• 30-year fixed mortgage: 6.71%
• Previous week: 6.66%
• One year earlier: 6.50%
• 15-year fixed mortgage: 6.04%
• Previous week: 5.98%
• One year earlier: 5.60%

The difference between Freddie Mac and daily rate trackers is normal. They use different methods and data timing, so borrowers should not expect every lender quote to match either national average.

Friday’s jobs report is now the biggest new reason rates could remain under pressure. The U.S. economy added 162,000 jobs in August, according to the BLS report. That was far above the roughly 56,000 increase expected by economists surveyed by Reuters. The unemployment rate stayed at 4.1%.

Other key labor figures included:

• August payroll growth: +162,000
• Unemployment rate: 4.1%
• Average hourly earnings: +0.3% for the month
• Average hourly earnings: +3.1% from a year earlier
• June payroll revision: +31,000, from +20,000 previously
• July payroll revision: +21,000, from -23,000 previously

The report matters for mortgages because strong economic data can push bond yields higher. Mortgage rates do not directly follow the Federal Reserve’s policy rate, but they are heavily influenced by bond-market expectations, especially movements in longer-term Treasury yields and mortgage-backed securities.

That reaction appeared Friday. The 10-year Treasury yield moved as high as about 4.78%, while the two-year yield rose to around 4.37%, Reuters reported. Markets also sharply increased their expectations for a Fed rate increase at the September meeting.

That changes the picture from Thursday’s rates, when borrowers were waiting to see whether the employment report would cool or strengthen rate-hike expectations. It also follows the rise covered in Wednesday’s update and the earlier Treasury-driven move discussed in Tuesday’s rates.

The Fed currently has its federal funds target range at:

• Lower bound: 3.50%
• Upper bound: 3.75%

The central bank held that range steady at its July meeting. Three policymakers preferred a quarter-point increase. The next scheduled Fed meeting is September 15–16.

For homebuyers, the key question is not whether the Fed itself changes mortgage rates. It is whether investors expect inflation and interest rates to stay higher for longer. That is why the move in Treasury yields after the jobs report matters so much.

Borrowers following the rate-hike debate can also compare how expectations changed in Monday’s outlook.

The next major test comes from inflation. The Bureau of Labor Statistics will release August producer prices on September 10 and the August Consumer Price Index on September 11. BLS calendar

For now, mortgage rates have not surged after the jobs surprise. But the strong labor report removed one argument for lower yields and increased the chance of another volatile week. If Treasury yields continue climbing when markets reopen, mortgage rates could move closer to 7%. If yields reverse, borrowers could get some relief.

That makes the next several trading days especially important for buyers deciding whether to lock a rate or keep waiting.