For the week ending 10/03/2024, mortgage rates increased 4bp to 6.12%
The monthly payment for a $100,000 loan decreased to $607/mo or $0.09/day.
Mortgage rates increased, while the 10-year treasury rates increased 6bp for the week ending 10/03/2024. The spread decreased 2bp to 227bp. With the historical spread being 168bp, a ‘safety cushion’ of 59bp is now above the historical spread.
The historic spread between the 10-year treasury and mortgage rates is 168pb (see green line, right axis) and is 59bp above the historical norm.
Bill Knudson, Research Analyst LANDCO NEXA