For the week ending 08/29/2024, mortgage rates decreased 11bp to 6.35%.

For a $100,000 loan, the monthly payment decreased $7.00 to $622/mo or $0.24/day.

Mortgage rates decreased 11bp, while the 10-year treasury rates increased 1bp for the week ending 08/29/2024. The spread decreased 12bp to 248bp. With the historical spread being 168bp, there now exists a ‘safety cushion’ of 80bp 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 80bp above the historical norm.

Bill Knudson, Research Analyst LANDCO NEXA