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Treasury Rates: April 14th, 2022

MORTGAGE RATES ARE NOW OVER 5.00% For the 7-day period ending 4.14.22, 10 Year Treasury rates increased 17bp while mortgage rates were up 28bp. This caused the net spread to Increase 11bp to 69bp ABOVE the normal spread of 168bp. Bond investors are trying to get ahead of the Fed’s future moves. Rates ROCKET up and feather down.

The change in mortgage rates is ALMOST a 3 sigma change (28 vs 31)

Daily changes in the US 10 Year Treasury rates are the blue bars while the red line is the 14-day cumulative change in rates: 35bp increase. For the blue bars, it is unusual to have changes of greater than 0.10 in a single day and 0.20 is VERY unusual.

The Yield Curve increased this past week (the red line is current and the green is last week).

NOTE the 23bp INCREASE in the 30-year---that is HUGE. The Yield Curve is virtually flat and last week’s slight inversion is now gone.

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