Mortgage Rates Decreased 15bp to 7.52% for the Week Ending 11/23/23

For the week ending 11.23.2023, mortgage rates decreased 15bp to 7.52%.

For a $100,000 loan, the monthly payment decreased $11 to $700/mo or $0.34/day.

Mortgage rates decreased 15bp, while the 10-Year Treasury rates increased 2bp for the week ending 11.23.23. The net difference resulted in a 17bp increased in the spread to 305bp. With the historical spread being 168bp, there now exists a β€˜safety cushion’ of 137bp above the historical spread.

The historic spread between the 10-Year Treasury and mortgage rates is 168bp (see green line, right axis), and currently, it is 137bp above the historical norm.

Bill Knudson, Research Analyst LANDCO ARESC