Mortgage Rates Increased 1bp to 6.64% for the Week Ending 02/08/24

For the week ending 2/08/2024, mortgage rates increased 1bp to 6.64%.

For a $100,000 loan, the monthly payment increased $1.00 to $645/mo or $0.02/day.

Mortgage rates increase 1bp, while the 10-Year Treasury rates increased 28bp for the week ending 02/08/2024. The net difference resulted in a 27bp decreased in the spread to 249bp. With the historical spread being 81bp, there now exists a ‘safety cushion’ of 108bp 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 81bp above historical norm.

Bill Knudson, Research Analyst LANDCO ARESC