Mortgage Rates Increased 22bp to 7.10% for the Week Ending 4/18/24

For the week ending 04/18/2024, mortgage rates increased 22bp to 7.10%.

For a $100,000 loan, the monthly payment increased $15.00 to $672/mo or $0.49/day.

Mortgage rates increased 22bp, while the 10-Year Treasury rates increased 8bp for the week ending 04/18/2024. The net difference resulted in a 14bp increased in the spread to 256bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 78bp 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 78bp above historical norm.

Bill Knudson, Research Analyst LANDCO ARESC