Mortgage Rates Today, Nov 4: Rates Ease as Tech Stocks Slip
Mortgage rates fell Wednesday to their lowest since late September, with Treasury yields slipping and AI-focused cloud stocks under renewed pressure.
FRANKLIN, Tenn., Nov. 4, 2026 — In today's Iron Hill Brief Daily Mortgage Market Update for Wednesday, November 4, 2026, mortgage rates moved lower and broke below the floor of their recent rally.
The Mortgage News Daily index put the average top-tier 30-year fixed rate at 7.22% on Wednesday, down from 7.30% on Tuesday. Matthew Graham of Mortgage News Daily wrote that it was the first time the average has been below 7.25% since September 22, and that 7.27% had marked the low point of the rally until today.
A Choppy Morning, a Stronger Afternoon
The gains were not a given early on. Graham wrote that stocks and bond yields bounced higher overnight when the Senate majority was called, and bonds gave back most of their early gains. After stocks added to gains at the open, a 10 a.m. ISM report brought another small bout of selling as its comments pointed to forward-looking inflation concerns.
Tech stocks hit their ceiling for the day shortly after 10 a.m., and bonds improved to their best levels in the afternoon. Graham wrote that enough lenders adjusted rates lower midday to pull the average down. He pointed to ongoing trouble for so-called neocloud stocks, a group of AI-focused cloud computing firms, as the simplest explanation for the bond rally, and noted that oil prices have fallen sharply since last Friday.
Yields Slip
Treasury data show the 10-year yield fell to 4.90% on Wednesday from 4.95% on Tuesday, while the 2-year yield dipped to 4.58% from 4.61%. Mortgage rates tend to track the 10-year closely.
Homeowners wondering whether a lower rate would cover the cost of refinancing can run the numbers with the refinance break-even calculator. Markets will watch whether the new low can hold as more economic data arrives.
Sources
- Mortgage News Daily — Mortgage Rates Fall Back Under 7.25% (Nov 4, 2026)
- Mortgage News Daily — Elections, Oil, and Neocloud Stocks, Oh My! (Nov 4, 2026)
- Mortgage News Daily — Volatile Gains as Markets Digest Elections and Data (Nov 4, 2026)
- Mortgage News Daily — Mortgage Rates Move Slightly Higher After Stronger Econ Data (Nov 3, 2026)
- U.S. Treasury — Daily Treasury Par Yield Curve Rates (Nov 3–4, 2026)