A surprise jobs report showing a 92,000 job loss and rising unemployment may push mortgage rates lower after weeks of upward pressure. The 10-year Treasury yield reversed course early Friday following the lackluster employment data. Freddie Mac reported the average 30-year fixed rate at 6.00% for the week, up two basis points from last week.

Zillow data shows 30-year fixed rates at 5.94% nationally, with some lenders offering rates as low as 5.37%. The market reaction to the employment report suggests volatility ahead for borrowers. While refinance rates remain slightly higher than purchase rates, the spread has narrowed as lenders adjust to changing economic signals.

Current rates include 15-year fixed at 5.47% and 5/1 ARM at 5.78%, according to Zillow's latest data. The jobs report reversal comes as economists had been forecasting stable rates near 6% through 2026. Borrowers should monitor Treasury yields closely, as they directly influence mortgage pricing. With employment data creating uncertainty, locking in rates may become more challenging in the weeks ahead.