Friday's bond rally held into the close — 30-year fixed at 6.29%, UMBS 5.0 up 30 basis points on the day.

Bonds opened sharply higher Friday morning and most of those gains survived to the bell. UMBS 5.0 peaked at 99.61 at midday before settling to 99.50 at the close — up 30 basis points net on the day. The 10-year Treasury yield finished at 4.247%, down 7 basis points from Thursday. The 30-year fixed rate held at 6.29%.

Risk-off buying moved into Treasuries Friday morning and stayed there. Bond yields fell broadly across the curve, and MBS prices followed. Friday's session produced enough improvement to generate multiple rounds of positive lender reprices. The morning gains extended briefly at midday, then gave back a small portion into the close without any real reversal — the kind of session where dip buyers kept the market from giving back what it made.

6.29% is the lowest quoted 30-year rate in over a month. For borrowers who locked at 7.0% or higher in 2023–2024, the refi math is already favorable. This week's rate action showed those improvements can hold across multiple sessions. Heading into next week, Monday's open will reveal whether Friday's bond buyers return or take profits. Locking in before then removes that uncertainty.

— David Burson, NetRate Mortgage