For the week ending 8.31.23 Mortgage rates DECREASED 5bp to 7.41%.
For a $100,000 loan the monthly payment DECREASED $3 to $693/mo or $0.11/day.
Mortgage rates DECREASED 5bp while the 10 Year Treasury rates DECREASED 14bp for the week ended 8/31/23. The net difference resulted in a 9bp increase in the spread to 332bp. With the historical spread being 168 there now exists a “safety cushion” of 164bp above the historical spread.
The historic spread between the 10-year Treasury and mortgage rates is 168pb (see green line, right axis) and currently is 164bp above the historical norm.