For the week ending 2.22.24 Mortgage rates INCREASED 13bp to 6.90%. For a $100,000 loan, the monthly payment INCREASED $9.00 and to $659/mo or $0.29/day.
Mortgage rates INCREASED 13bp while the 10-year Treasury rates INCREASED 9bp for the week ended 2/22/24. The net difference resulted in a 4bp decrease in the spread to 257bp. With the historical spread being 168 there now exists a “safety cushion” of 89bp 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 89bp above the historical norm.
