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Mortgage Rates Update: May 9th, 2024


Next jobs release June 7  May 3 new jobs came in at 175,000 vs 303,000 for prior month.  This slower job growth provides the Fed with support for rate reductions sometime in 2024.


The next CPI release is May 15  April 10 Annual CPI increased from 3.2% to 3.5%.  Energy prices up and the March 2023 data point was very low 0.1% fell out of the annual CPI calc as the new data point of 0.4% for the month of March 2024 came in. 


Next Fed meeting is June 12.


For the week ending 5.9.24 Mortgage rates DECREASED 13bp to 7.09%.

For a $100,000 loan, the monthly payment DECREASED $9.00 and to $671/mo or $0.29/day.


Mortgage rates INCREASED 5bp while the 10-year Treasury rates DECREASED 12bp for the week ended 5/2/24. The net difference resulted in a 17bp increase in the spread to 264bp. With the historical spread being 168 there now exists a “safety cushion” of 96 bp 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 96bp above the historical norm.

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