August 4, 2025 Market Update Courtesy of Envoy Mortgage
Written by Andrew Schmidt
Rate Update
KEY TAKEAWAY: Mortgage rates just dropped to a 4-month low after a surprisingly weak jobs report—and that could open a short window of opportunity for buyers.
What happened last week: Friday’s jobs report came in below expectations, showing 73k new jobs versus the 110k forecast. But what really moved the markets were the large downward revisions to prior months—253,000 jobs were effectively erased. This signaled a weaker labor market than previously believed, aligning with other recent economic data. Bond traders responded quickly, pushing mortgage rates down by about an eighth of a point. Some lenders even issued mid-day rate improvements, bringing the average 30-year fixed to its lowest level since April.
What’s ahead this week: With the Fed meeting and jobs data behind us, this week looks calmer—but not without key updates. Market-watchers will be focused on ISM and PMI data, a few Treasury auctions, and Thursday’s jobless claims. These indicators could shape future Fed sentiment, especially if signs of labor softening persist.
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