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Mortgage Rates Update: February 1st, 2024

For the week ending 2.1.24 Mortgage rates DECREASED 6bp to 6.63%. For a $100,000 loan the monthly payment DECREASED $4.00 and to $645/mo or $0.13/day.

 

Mortgage rates DECREASED 6bp while the 10-year Treasury rates DECREASED 27bp for the week ended 2/1/24. The net difference resulted in a 21bp increase in the spread to 276bp. With the historical spread being 168 there now exists a “safety cushion” of 108bp 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 108bp above historical norm.


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