For the week ending 9.7.23 Mortgage rates DECREASED 6bp to 7.35%.
For a $100,000 loan the monthly payment DECREASED $4 to $689/mo or $0.14/day.
Mortgage rates DECREASED 6bp while the 10-year Treasury rates INCREASED 18bp for the week ended 9/7/23. The net difference resulted in a 24bp decrease in the spread to 308bp. With the historical spread being 168 there now exists a “safety cushion” of 140bp 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 140bp above the historical norm.