Mortgage Rates Decreased 6bp to 6.88% for the Week Ending 3/7/24

For the week ending 3/7/2024, mortgage rates decreased 6bp to 6.88%.

For a $100,000 loan, the monthly payment decreased $4.00 to $657/mo or $0.13/day.

Mortgage rates decreased 6bp, while the 10-Year Treasury rates decreased 16bp for the week ending 03/7/2024. The net difference resulted in a 10bp increased in the spread to 279bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 111bp 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 111bp above historical norm.

Bill Knudson, Research Analyst LANDCO ARESC