Treasury Rates: April 21st, 2022
MORTGAGE RATES ARE NOW 5.31% For the 7-day period ending 4.21.22, 10-Year Treasury rates increased 7bp while mortgage rates were up 11bp. This caused the net spread to increase from 4bp to 73bp ABOVE the normal spread of 168bp.
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: 30bp increase. 4 up days for everyone down---rates are on the upward march. 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 17bp INCREASE in the 1 and 5 years ---LARGE. 15-year mortgages SKY ROCKETED by 18bp to 4.58% because it is benchmarked off shorter-term US Treasuries while 30-year mortgages were up 11bp.
The Yield Curve is virtually flat and the inversion is BACK.