For the week ending 01.11.2024, mortgage rates increased 4bp to 6.66%.
For a $100,000 loan, the monthly payment increased $3.00 to $643/mo or $0.09/day.
Mortgage rates increased 4bp, while the 10-Year Treasury rates decreased 1bp for the week ending 01.11.2023. The net difference resulted in a 5bp increased in the spread to 268bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 100bp 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 95bp above historical norm.
Bill Knudson, Research Analyst LANDCO ARESC