Mortgage Rates Decreased 8bp to 6.94% for the Week Ending 5/23/24

For the week ending 05/23/2024, mortgage rates decreased 8bp to 6.94%.

For a $100,000 loan, the monthly payment decreased $5.00 to $661/mo or $0.18/day.

Mortgage rates decreased 8bp, while the 10-Year Treasury rates increased 9bp for the week ending 05/23/2024. The net difference resulted in a 17bp decreased in the spread to 247bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 79bp 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 79bp above historical norm.

Bill Knudson, Research Analyst LANDCO ARESC