The Weekly Wrap | Election Week, Explained, Plus What Happens When Your Buyer Changes Jobs

This was election week, and the result surprised a lot of people: Democrats took control of Congress. Why should anyone buying or selling a home care? When one party has the White House and the other runs Congress, it’s a lot harder to pass big new spending or tax cut packages. Less new spending means the government doesn’t have to borrow as much, and that’s something the bond market likes. When bond investors feel better, mortgage rates tend to come down.

It wasn’t the only thing going on. Oil prices dropped, tech and AI stocks had a bumpy week, and investors moved some money into bonds as a safer spot. All of that pointed in the same direction, and buyers got some good news on rates because of it.

Later in this issue I’ve got a short video on something that can throw off a closing at the last minute: a buyer changing jobs while under contract.

Freddie Mac’s weekly average dropped for the third week in a row. The 10-year Treasury yield, the number mortgage rates tend to follow, broke below 5% and worked down toward about 4.83%, close to its lowest level in about two months. That’s a real recovery from the rough stretch that started in early October, and mortgage bonds kept gaining along with it.

Oil prices fell, and stocks had a bumpier week, especially in tech and AI names. When stocks get shaky, some investors park money in Treasuries, and that tends to pull mortgage rates lower. Hiring along the way didn’t look soft either. A private payroll report showed companies added 86,000 jobs in October, and fewer people filed for unemployment than expected.

Friday’s official count was stronger than that. Employers added 165,000 jobs versus about 70,000 expected, the unemployment rate fell to 4.1% from 4.2%, and more people joined the workforce. Hiring was led by professional and business services, health care, and transportation and warehousing. That kind of number can send rates higher, and by mid-morning the 10-year had moved up to around 4.88%, from about 4.84% yesterday. That’s a few hundredths, not a blowup, but it’s not a nothing-burger either.

Stocks told a different story than the early-morning headlines. The tech and AI names that got hit Thursday were bouncing, with the Nasdaq up around 1.5% by mid-morning, while the Dow was about flat to a little lower. For mortgages, the weekly improvement is still intact, but Friday’s jobs report took a little steam out of the rally. Inflation is still running hot and the Federal Reserve is in no hurry to cut, so I wouldn’t count on a big drop from here.

“Rates have come down three weeks in a row. Friday’s jobs report came in hotter than expected and nudged yields a bit higher, so if you’ve been on the fence, or you’re under contract and haven’t locked, this is a good week to talk with your lender about locking.”

It happens more than you’d think: your buyer is under contract and a better job offer shows up. It’s usually not a deal killer, but how fast you loop in the lender makes the difference. Here’s what to remember:

Hit Watch the video below.

Got a question? Hit reply. Thinking about a job change mid-deal, or wondering if now’s the time to lock? Send it my way. Your question might become next week’s video.

Ian Smith · VP of Lending, Rate

(704) 458-0526 · [email protected] · @thecltmortgageguy

Ian Smith, NMLS #1465241 · Equal Housing Lender / © 2026 Guaranteed Rate, Inc. D/B/A Rate · NMLS ID 2611 / Rates shown are national averages, subject to change, and are not a commitment to lend. Educational only; not legal or tax advice. Loan guidelines vary by program and lender, and not all applicants will qualify.