MORTGAGE RATES now 6.01% For the 7-day period ending 6.16.22, 10 Year Treasury rates INCREASED 24bp while mortgage rates were increased 55bp (one Standard Deviation is 31bp). This caused the net spread to increase 35bp to 10bp 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: 35bp increase. RATES ROCKET UP BUT FEATHER DOWN. 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.
Rates rose this past week, particularly for short terms (the red line is current and green is last week).
The Yield Curve for short terms is VERY steep while the longer-term (5+) is slightly inverted.