For the week ending 11.2.23 Mortgage rates DECREASED 3bp to 8.02%.
For a $100,000 loan the monthly payment DECREASED $2 to $735/mo or $0.10/day
Mortgage rates DECREASED 3bp while the 10-year Treasury rates DECREASED 19bp for the week ended 11/2/23. The net difference resulted in a 16bp increase in the spread to 332bp. With the historical spread being 168 there now exists a “safety cushion” of 164bp 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 164bp above the historical norm.