MORTGAGE RATES ARE NOW WELL ABOVE 5.00% and decreased 1bp to 5.30%.
For a $100,000 loan, the monthly payment decreased by $1 to $555 which is equal to $0.02 a day.
Rates rocket up and feather down. The historic spread (aka difference) between the 10 Year Treasury and mortgage rates is 168pb (see green line).
At the start of 2022 mortgage rates have increased FASTER than the 10-year Treasury. This past week the 10-Year decreased 5bp while Mortgage rates decreased 1bp thus their spread increased 4 and now stands at 77bp above the historical norm.