For the week ending 6.23.22 Mortgage rates remained at 6.01%.
For a $100,000 loan the monthly payment is $600 which is equal to $20 a day
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 19bp while Mortgage rates remained constant, thus a 19bp increase in spread occurred and the spread is 124bp above the historical norm. Given how quickly rates have recently risen, pricing personnel are going to want to “retain this cushion” to be safe against unexpected rate increases.