For the week ending 8.17.23 Mortgage rates INCREASED 13bp to 7.32%.
For a $100,000 loan the monthly payment INCREASED $9 to $687/mo or $0.29/day.
Mortgage rates INCREASED 13bp while the 10 Year Treasury rates INCREASED 21bp for the week ended 8/17/23. The net difference resulted in an 8bp decrease in the spread to 302bp. With the historical spread being 168 there now exists a “safety cushion” of 134bp above the historical spread.
The historic spread between the 10 Year Treasury and mortgage rates is 168pb (see the green line, right axis) and currently is 134bp above the historical norm.