For the week ending 08/08/2024, mortgage rates decreased 26bp to 6.47%.
For a $100,000 loan, the monthly payment decreased $17.00 to $647/mo or $0.57/day.
Mortgage rates decreased 26bp, while the 10-Year Treasury rates did not change for the week ending 08/08/2024. The Spread decreased 26bp to 248bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 80bp 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 80bp above historical norm.
Bill Knudson, Research Analyst LANDCO NEXA