Mortgage Rates Today, Nov 5: Rates Ease as Tech Slumps
Mortgage rates fell under 7.2% on Thursday as a sharp tech-led stock selloff pulled Treasury yields lower ahead of Friday's closely watched jobs report.
FRANKLIN, Tenn., Nov. 5, 2026 — In today's Iron Hill Brief Daily Mortgage Market Update for Thursday, November 5, 2026, mortgage rates moved lower again and broke under the 7.2% mark as a broad selloff in technology stocks lifted bonds.
The Mortgage News Daily index put the average top-tier 30-year fixed rate at 7.17% on Thursday, down from 7.22% on Wednesday. Matthew Graham of Mortgage News Daily wrote that yesterday's drop below 7.25% was followed by a break of the 7.20% floor, leaving the average at 7.17%.
For Tennessee buyers shopping a purchase loan, that national average is a useful benchmark—not a quote from Iron Hill Mortgage or a rate you can lock today. Homeowners in Middle Tennessee who already have a higher rate can use the same figure to ask whether a refinance might cover closing costs, then run the refinance break-even calculator with their own numbers.
Tech Selloff Lifts Bonds
Graham wrote that extreme bearishness in tech stocks deserves most of the credit for the recent run lower in rates, noting the NASDAQ is down roughly 14% from its October highs in a move that has lined up with falling bond yields and mortgage rates.
Mortgage News Daily's afternoon recap said chipmakers and other tech names were hit hard from the New York open, with the broader market following. Bonds started a hair weaker, then improved as equities sold off. Even so, Graham described a 5-to-6 basis-point drop in 10-year yields as modest given that stocks had their worst day in more than a year and the NASDAQ traded at its weakest levels since April. Weekly jobless claims came in at 189,000 versus a 196,000 forecast. Friday's monthly jobs report remains a potential volatility catalyst.
Yields Ease Further
Treasury data show the 10-year yield fell to 4.84% on Thursday from 4.90% on Wednesday, while the 2-year yield dropped to 4.46% from 4.58%. Mortgage rates tend to track the 10-year closely.
Homeowners wondering whether a lower rate would cover refinancing costs can run the numbers with the refinance break-even calculator. Markets will watch whether the tech-led bid in bonds can hold through the jobs report.
Frequently asked questions
Are mortgage rates going down?
On Thursday, November 5, 2026, the Mortgage News Daily average for top-tier 30-year fixed loans fell to 7.17% from 7.22% the day before, breaking under 7.20%. One-day moves do not forecast where rates will be next week; watch the 10-year Treasury yield, tech-led stock swings, and Friday's jobs report for direction.
What is today's 30-year mortgage rate for Tennessee buyers?
There is no single Tennessee rate. Mortgage News Daily's national average for top-tier 30-year fixed loans was 7.17% on November 5, 2026. Offers for Middle Tennessee buyers vary by credit, loan type, down payment, and lender pricing—ask for a personalized Loan Estimate rather than treating the average as a quote.
What does a move of 5 basis points mean for a payment?
Five basis points is 0.05 percentage points (the drop from 7.22% to 7.17% on this session). On a fixed-rate loan, a small move like that changes the monthly principal-and-interest payment only modestly; use a monthly payment calculator with your loan amount and term to see the difference for your scenario. This is not a payment quote from Iron Hill Mortgage.
Sources
- Mortgage News Daily — Another Decent Drop as Mortgage Rates Move Under 7.2% (Nov 5, 2026)
- Mortgage News Daily — Stocks Got Rocked. Bonds Picked Up Some Slack (Nov 5, 2026)
- Mortgage News Daily — Modestly Weaker For a Few Potential Reasons (Nov 5, 2026)
- Mortgage News Daily — Mortgage Rates Fall Back Under 7.25% (Nov 4, 2026)
- U.S. Treasury — Daily Treasury Par Yield Curve Rates (Nov 4–5, 2026)