Mortgage Rates: May 5th, 2022
MORTGAGE RATES ARE NOW WELL ABOVE 5.00% and increased 20bp to 5.50%.
For a $100,000 loan, the monthly payment increased by $12 to $567 which is equal to $0.41 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 increased 20bp while Mortgage rates increased 20bp thus no change in the spread and remain at 77bp above the historical norm.