The Mortgage Porter Weekly: Mortgage Rates | Jobs Week | Should You Wait to Buy?

It’s Jobs Week — and with a packed economic calendar ahead, the bond market is on alert. Here’s what’s happening with mortgage rates, what to watch this week, and why the “just wait for rates to drop” strategy may cost more than you think.

Mortgage Rates This Week

According to the Optimal Blue index — which reflects about 35% of mortgage transactions across the country — the average 30-year fixed rate as of last Friday came is slightly higher week over week.

A few important caveats: this is an index, not a quote. You cannot lock in last Friday’s rate today, and your actual rate will depend on your credit score, down payment, loan type, and other factors. Think of it as a directional indicator, not a price tag. For current mortgage rates based on your personal scenario, please contact me!

As of Monday morning, mortgage-backed securities are down approximately 28 basis points with an alert to lock. If you are currently under contract, contact your loan officer today about locking your rate.

Economic Calendar: It’s Jobs Week

This is one of the most important weeks on the economic calendar — and it has direct implications for mortgage rates. Here’s what’s coming:

• Tuesday — JOLTS (Job Openings and Labor Turnover Survey) + New Home Sales
• Wednesday — ADP Employment Report (consensus: ~100,000 new private sector jobs)
• Thursday — Weekly Jobless Claims
• Friday — BLS Jobs Report (consensus: ~60,000 new jobs, 4.3% unemployment rate)

Employment data moves the bond market — and the bond market moves mortgage rates. A weaker-than-expected jobs report typically pushes rates lower. A stronger report can push them higher. With reports dropping every day this week, expect some volatility in rate pricing.

The next Fed rate decision is June 17, 2026. Policymakers have been in a holding pattern, watching inflation and employment data closely before making any moves. This week’s numbers will directly inform that conversation.

The Real Cost of Waiting: A Side-by-Side Look

One of the most common questions I hear right now is: “Should I just wait for rates to drop before I buy?” I ran the numbers — and the answer might surprise you.

I used a Fannie Mae HomeReady loan — a program that allows just 3% down and is designed for buyers with moderate income — on a $600,000 home in the 98056 zip code (Renton area). Appreciation forecasts are specific to that market; rate projections come from Fannie Mae. Check out the video for all the details!

Is Now Right for You?

This analysis is based on market forecasts and averages — your situation will be unique. But if you’ve been waiting for the “perfect” moment, it’s worth asking: what is that wait actually costing you?

I can run a personalized cost of waiting analysis for your specific zip code, price range, and loan scenario — no obligation, just real numbers.

If you’re thinking about buying or refinancing a home anywhere in Washington state, or have questions about mortgages, let’s talk! I’m happy to help.

Rate information current as of 05/02/2026. This is not a commitment to lend. Your results may vary. Sources: MBS Highway, Optimal Blue, Fannie Mae, NWMLS.