Mortgage Rates Update: April 2nd, 2026

The mortgage market experienced a sharp upward correction during the week ending April 2, 2026, marking a significant departure from the relative stability we observed last month. As an economist who monitors the delicate risk balance in lending, I find this week's data particularly striking due to the rapid expansion of the market spread. While the 10 Year Treasury rate increased by a notable 11 basis points to reach 4.31 percent, the 30 year fixed mortgage rate surged by 30 basis points to settle at 6.46 percent.

This disproportionate move caused the mortgage Treasury spread to widen by 19 basis points in a single week. We are now operating with a spread of 215 basis points, which places the current safety cushion at 47 basis points above the long-term historical average of 168 basis points.

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Upcoming releases:

• Next net new job release is April 3

• Next inflation release April 10

• Next Fed meeting is April 29

Mortgage Rates Update: April 2nd, 2026

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Key Developments

Key market metrics as of 4/2/2026 include:

• The 30 Year Fixed Mortgage Rate is 6.46 percent.

• The 10 Year T Note Rate stands at 4.31 percent.

• The Current Spread is 215 basis points.

• The Safety Cushion above the historical average is 47 basis points.

For a 100,000 dollar loan, this volatility resulted in the monthly payment increasing by 17 dollars to 630 dollars. This widening spread suggests that lenders are significantly increasing their risk premiums in response to broader economic uncertainty.