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Mortgage Rates Update: December 29th, 2022

For the week ending 12.29.22 Mortgage rates INCREASED 15bp to 6.65%.


For a $100,000 loan, the monthly payment INCREASED $10 to $642/mo or $.33/day.

 

While mortgage rates INCREASED 15bp, 10 Year Treasury rates also INCREASED 15bp. The net difference resulted in no change in a spread of 282bp. With the historical spread being 168 there now exists a “safety cushion” of 114bp 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, there is a 114bp above the historical norm. For this spread to return to the historical norm, either mortgage rates will decrease further or 10 Year Treasury rates will increase.


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