Mortgage Rates Decreased 4bp to 6.99% for the Week Ending 6/6/24

For the week ending 06/06/2024, mortgage rates decreased 4bp to 6.99%.

For a $100,000 loan, the monthly payment decreased $3.00 to $665/mo or $0.09/day.

Mortgage rates decreased 4bp, while the 10-Year Treasury rates decreased 27bp for the week ending 06/06/2024. The net difference resulted in a 23bp increased in the spread to 271bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 103bp 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 103bp above historical norm.

Bill Knudson, Research Analyst LANDCO ARESC