Mortgage Rates Increased 9bp to 6.95% for the Week Ending 7/05/2024

For the week ending 07/05/2024, mortgage rates increased 9bp to 6.95%.

For a $100,000 loan, the monthly payment increased $6.00 to $662/mo or $0.20/day.

Mortgage rates increased 9bp, while the 10-Year Treasury rates decreased 1bp for the week ending 07/05/2024. The net difference resulted in a 10bp increased in the spread to 267bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 99bp 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 99bp above historical norm.

Bill Knudson, Research Analyst LANDCO ARESC

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