For the week ending 3/14/2024, mortgage rates decreased 14bp to 6.74%.
For a $100,000 loan, the monthly payment decreased $9.00 to $657/mo or $0.31/day.
Mortgage rates decreased 14bp, while the 10-Year Treasury rates increased 20bp for the week ending 03/14/2024. The net difference resulted in a 34bp increased in the spread to 245bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 77bp above the historical spread.
The historic spread between the 10 Year Treasury and mortgage rates is 168pb (see green line, right axis) and currently is 77bp above historical norm.
Bill Knudson, Research Analyst LANDCO ARESC