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Mortgage Rates Update: July 20th, 2023

Headline: For the week ending 7.20.23 mortgage rates decreased by 18bp. to 7.01%.

With CPI down 100bp to 3.00% on 7.12.23 it is more likely that mortgages will decrease to get the spreads back closer to the historical average.


For the week ending 7.20.23 Mortgage rates DECREASED 18bp to 7.01%.

For a $100,000 loan the monthly payment DECREASED by $12 to $666/mo or $0.40/day.


Mortgage rates DECREASED 18bp while the 10 Year Treasury rates INCREASED 9bp for the week ended 7/20/23. The net difference resulted in a 27bp decrease in the spread to 316bp. With the historical spread being 168 there now exists a “safety cushion” of 148bp above the historical spread.


The historic spread between the 10 Year Treasury and mortgage rates is 168pb (see the green line, right axis) and currently is 148bp above the historical norm.

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