I use a poncho/tarp combo. Amazon links are still broken here so if you want to search for what I got, it's the "Anyoo Waterproof Rain Poncho" for $24.99.
Best $25 I've spent on hunting gear, I'm sure. It weighs less than 10oz, packs small, and is fast to get on and off. I like ponchos because where I hunt in Colorado rainstorms come and go fast. I can throw a poncho on without taking my pack off, and I like that. Since it has corner grommets it's also easy to string up to ride out a hailstorm - I've done that with my son so we don't all need to put on rain gear.
Last year they had these in all kinds of colors, and I got a few in multicam. I don't see those listed anymore, unfortunately. That gave me a third advantage - I was able to use it to make an impromptu blind last elk season. I used it to better hide my tripod and rifle while staking out a meadow.
Finally, I use it as a ground tarp while quartering out elk. It keeps dirt off your meat bags before you hang them, and saves packing an extra plastic sheet or whatever in your kill kit. Cleans up easily too.
This probably isn't answering your question if you really want a rain jacket, but I'm mentioning it here because it's so darned useful...