Mortgage Rates Update: January 22nd, 2026
- Bill Knudson
- 5 days ago
- 1 min read
The mortgage market for the week ending January 22, 2026, demonstrated a notable divergence between primary mortgage rates and secondary market yields. As an experienced economist, I find this week's data particularly revealing regarding lender sentiment and risk positioning. While the 30-year fixed mortgage rate experienced a modest increase of 3 basis points to settle at 6.09 percent, the underlying 10 Year Treasury rate surged by a more significant 9 basis points to 4.26 percent.
This disproportionate movement resulted in a 6 basis point compression of the mortgage Treasury spread. This tightening suggests that lenders are absorbing some of the benchmark volatility rather than passing the full increase along to consumers. The current spread now sits at 183 basis points, which is just 15 basis points above the long-term historical average.
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Key Developments
Key market metrics as of 1/22/2026 are:
The 30 Year Fixed Mortgage Rate is 6.09 percent.
The 10 Year T-Note Rate is 4.26 percent.
The Current Spread is 183 basis points.
The Safety Cushion above the historical average is 15 basis points.
For a $100,000 loan, the monthly payment increased by $2 to $605. We are approaching a level of spread efficiency that we have not seen in several years, signaling a potential stabilization in the housing finance sector.
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