Mortgage Rates Increased 5bp to 7.22% for the Week Ending 5/2/24

For the week ending 05/02/2024, mortgage rates increased 5bp to 7.22%.

For a $100,000 loan, the monthly payment increased $3.00 to $680/mo or $0.11/day.

Mortgage rates increased 5bp, while the 10-Year Treasury rates decreased 12bp for the week ending 05/02/2024. The net difference resulted in a 17bp increased in the spread to 264bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 96bp 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 96bp above historical norm.

Bill Knudson, Research Analyst LANDCO ARESC