For the week ending 10/31/24, mortgage rates increased by 18 bp to 6.72%.
For a $100,000 loan, the monthly payment rose to $647 per month, equivalent to an increase of $0.40 per day.
Mortgage rates increased by 18 bp, while 10-Year Treasury rates rose by 7 bp for the week ending 10/31/24.
The spread widened by 11 bp to 244 bp. With the historical spread at 168 bp, there is now a “safety cushion” of 76 bp above the historical average.
The historic spread between the 10-Year Treasury and mortgage rates is 168 bp (see green line, right axis) and is currently 76 bp above the historical norm.
In July, this spread was 150 bp. Since then, mortgage rates have decreased more significantly than the 10-Year Treasury.
Bill Knudson, Research Analyst LANDCO NEXA