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Mortgage Rates Update: February 8th, 2024

For the week ending 2.8.24 Mortgage rates INCREASED 1bp to 6.64%. For a $100,000 loan the monthly payment INCREASED $1.00 and to $645/mo or $0.02/day.

 

Mortgage rates INCREASED 1bp while the 10-year Treasury rates INCREASED 28bp for the week ended 2/1/24. The net difference resulted in a 27bp decrease in the spread to 249bp. With the historical spread being 168 there now exists a “safety cushion” of 81bp above the historical spread. This week’s 28bp increase offsets the prior week’s 27bp decrease.

 

The historic spread between the 10-year Treasury and mortgage rates is 168pb (see green line, right axis) and currently is 81bp above the historical norm.


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