Mortgage Rates Increased 13bp to 6.87% for the Week Ending 3/21/24

For the week ending 3/21/2024, mortgage rates increased 13bp to 6.87%.

For a $100,000 loan, the monthly payment increased $9.00 to $657/mo or $0.29/day.

Mortgage rates increased 13bp, while the 10-Year Treasury rates decreased 2bp for the week ending 03/21/2024. The net difference resulted in a 15bp increased in the spread to 250bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 92bp 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 92bp above historical norm.

Bill Knudson, Research Analyst LANDCO ARESC