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For the week ending 2.15.24 Mortgage rates INCREASED 13bp to 6.77%.
For a $100,000 loan the monthly payment INCREASED $9.00 and to $650/mo or $0.29/day.
Mortgage rates INCREASED 13bp while the 10-year Treasury rates INCREASED 9bp for the week ended 2/1/524. The net difference resulted in a 4bp decrease in the spread to 253bp. With the historical spread being 168 there now exists a “safety cushion” of 85bp 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 85bp above the historical norm.
