Mortgage rates are tracking lower as the 10-year Treasury yield has fallen over the past week, putting pressure on the bond market. According to Zillow, the average 30-year fixed rate remains under 6%, currently 5.87%, while the 15-year fixed rate sits at 5.34%. Today's jobs report will be key to how mortgage rates finish the week.

Economic news continues to influence the housing market, with rates well over a half-point lower than a year ago. The national averages for various mortgage products show 30-year VA loans at 5.36% and 5/1 VA adjustable-rate mortgages at 4.93%. These rates remain competitive despite recent market volatility sparked by political developments.

Borrowers should note that refinance rates are often higher than purchase rates, though this isn't always the case. The 30-year fixed refinance rate currently averages 5.99%, while 15-year refinance rates sit at 5.47%. With rates still below 6%, potential homebuyers and refinancers have opportunities to secure favorable terms, though the upcoming jobs report could shift the trajectory of mortgage rates in the coming days.