For the week ending 9.14.23 Mortgage rates INCREASED 6bp to 7.41%.
For a $100,000 loan the monthly payment INCREASED $4 to $693/mo or $0.14/day.
Mortgage rates INCREASED 6bp while the 10-year Treasury rates INCREASED 2bp for the week ended 9/14/23. The net difference resulted in a 4bp increase in the spread to 312bp. With the historical spread being 168 there now exists a “safety cushion” of 144bp 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 144bp above the historical norm.