TPO Today

Friday, October 2, 2026

What's happening in the mortgage industry that wholesale loan officers and brokers should know. Every item links to its source.

The Market

Measure	Latest	Change	As of · Source
10-year Treasury	5.24%	−0.05	October 1, 2026 · U.S. Treasury, Daily Treasury Par Yield Curve Rates
30-year fixed, daily	7.54%	−0.06	October 1, 2026 · Mortgage News Daily, 30-year fixed daily index
30-year fixed, weekly	7.28%	+0.25	October 1, 2026 · Freddie Mac, Primary Mortgage Market Survey
15-year fixed, weekly	6.60%	+0.18	October 1, 2026 · Freddie Mac, Primary Mortgage Market Survey

Our read: Daily rates eased on October 1 while the weekly survey caught up with the prior week's climb. Today's jobs report is the next thing likely to move them.

Today's Calendar

8:30 AM ET Employment Situation, September 2026 BLS
10:00 AM ET Manufacturers' Shipments, Inventories and Orders (full report), August 2026 Census Bureau

What's Changed

No agency, regulator or lender changes since the last edition.

Worth Knowing

Employers added 29,000 jobs in September; unemployment 4.2%

BLS said payrolls rose by 29,000 in September and the unemployment rate was 4.2%, both little changed. July and August were revised down a combined 60,000. Average hourly earnings rose 0.1% for the month and 3.0% over the past year.

Our read: A soft report with downward revisions may pull Treasury yields lower, and mortgage rates tend to follow. One report rarely sets a trend, so the 10-year's close today matters more than the headline.

Affects: Market · Rates · Data

Source: U.S. Bureau of Labor Statistics, Employment Situation · Published: October 2, 2026

Report says FHFA will move Fannie and Freddie to two-bureau credit reports

HousingWire, citing Bloomberg, reported that FHFA plans to have Fannie Mae and Freddie Mac accept credit reports from two bureaus instead of three. FHFA has not announced it. Director Pulte could announce it October 12 at the MBA convention, with the change taking effect one to three months later.

Our read: If FHFA confirms it, the credit report cost on each conventional file may come down. Until FHFA publishes its own notice, nothing changes for loans in process.

Affects: Conventional · Credit

Source: HousingWire · Published: October 1, 2026

Senate Banking hears FHA commissioner nominee Matthew Jones

The Senate Banking Committee held a hearing October 1 on Matthew Jones's nomination to lead FHA. His written testimony says FHA will accept two more credit score models in three months and is finalizing guidance barring large institutions from buying HUD-owned homes or joining single-family note sales.

Affects: FHA · Credit

Source: U.S. Senate Committee on Banking, Housing, and Urban Affairs, written testimony of Matthew Jones · Published: October 1, 2026

Residential construction spending rose 1.1% in August

Census reported private residential construction spending at an $882.3 billion annual pace in August, seasonally adjusted, up 1.1% from July. The margin of error for that change includes zero. Total construction spending rose 0.9% for the month and was 1.7% below a year earlier.

Our read: More building adds supply over time, which may ease prices where inventory is tight. This month's change is within the margin of error, so it's a direction to watch, not a turn.

Affects: Housing · Data

Source: U.S. Census Bureau, Monthly Construction Spending · Published: October 1, 2026

FHA's preparedness guide for VantageScore 4.0 and FICO 10T

FHA's two-page guide covers how TOTAL Scorecard will treat Classic FICO, VantageScore 4.0 and FICO 10T for case numbers assigned on or after January 1, 2027. All borrowers use the same model, every model submitted must get an Accept, and the tri-merge report and 500, 580 and 620 thresholds stay.