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Mortgage Rates Update: March 7th, 2024

For the week ending 3.7.24 Mortgage rates DECREASED 6bp to 6.88%.


For a $100,000 loan, the monthly payment DECREASED $4.00 and to $657/mo or $0.13/day.

 

Mortgage rates DECREASED 6bp while the 10-year Treasury rates DECREASED 16bp for the week ended 3/7/24. The net difference resulted in a 10bp increase in the spread to 279bp. With the historical spread being 168 there now exists a “safety cushion” of 111bp 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 111bp above the historical norm.



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