For the week ending 2.29.24 Mortgage rates INCREASED 4bp to 6.94%.
For a $100,000 loan, the monthly payment INCREASED $3.00 and to $661/mo or $0.09/day
Mortgage rates INCREASED 4bp while the 10-year Treasury rates DECREASED 8bp for the week ended 2/29/24. The net difference resulted in a 12bp increase in the spread to 269bp. With the historical spread being 168 there now exists a “safety cushion” of 101bp 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 101bp above the historical norm.
