MORTGAGE RATES remain at 6.01% For the 7-day period ending 6.23.22, 10 Year Treasury rates DECREASED 19bp. This caused the net spread to increase from 19bp to 124bp ABOVE the normal spread of 168bp.
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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: 7bp decrease. 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.
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After the Fed increased rates, by 75bp on June 15 rates DECREASED this past week, particularly for 5 and 10-year terms (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.
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