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Mortgage Rates Update: May 30th, 2024

Commentary:


As mentioned last week.... For the coming week, given that Treasuries increased 9bp it is problematic if mortgages will remain below 7.00%.  Possible--but it will be close.  Mortgage rates came in at 7.03%

 

With Treasuries up 8bp this week, Mortgages will likely increase to ~7.10%

 

  • Next jobs release June 7 

  • Next CPI release is June 12   

  • Next Fed meeting is June 12

 

For the week ending 5.30.24 Mortgage rates INCREASED 9bp to 7.03%.


For a $100,000 loan, the monthly payment INCREASED $6.00 and to $667/mo or $0.20/day.

 

Mortgage rates INCREASED 9bp while the 10-year Treasury rates INCREASED 8bp for the week ended 5/30/24. The net difference resulted in a 1bp increase in the spread to 248bp. With the historical spread being 168 there now exists a “safety cushion” of 80bp 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 80bp above the historical norm.



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