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Mortgage Rates: May 19th, 2022

For the week ending 5.19.22 Mortgage rates barely decreased 5bp to 5.48%.

For a $100,000 loan, the monthly payment decreased by $3 to $566 which is equal to $0.10 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 did not change while Mortgage rates decreased 5bp thus a 5bp decrease in spread occurred and the spread is 96bp above the historical norm. That is a large spread but given how quickly rates have recently risen, pricing personnel are going to want to “hold onto this cushion” to be safe against unexpected rate increases.

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