Mortgage-to-10Y spread holds firm at 204 bps as short end yields slip
Treasury yields fell 5 bps across the 2- and 10-year, while 30-year mortgages eased 2 bps, leaving the primary/secondary spread intact.
Lending Conditions Index
Thawing
▬ holding
- 30-yr fixed
- 6.67%
- 10Y–2Y curve
- 0.48pp
- Fed funds
- 3.63%
Lending conditions read 53/100 — Thawing, holding. 30-year fixed at 6.67%, the 10Y–2Y curve flat.
The call · #103· track record 19/28 held→6.67%
30-Year Fixed Mortgage
30-year fixed mortgage at 6.67%, down 2 bps on the day.
4.63%
10-Year Treasury
10-year Treasury at 4.63%, down 5 bps; the reference anchor for conforming secondary.
4.15%
2-Year Treasury
2-year at 4.15%, down 5 bps; curve flattens to 48 bps.
3.63%
Fed Funds Rate
Fed funds holding at 3.63%, no change; terminal rate remains the inflection point.
7,798.99
S&P 500
S&P 500 at 7,798.99; equity stability supports risk appetite for mortgage-backed paper.
What it means for your shop
The stable mortgage–10Y spread (204 bps) signals steady secondary market pricing despite modest rate compression; originators see no immediate margin relief, but the flattening 10Y–2Y curve (48 bps) narrows the refinance incentive window and reduces long-term MSR tail risk.
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Not financial advice. Generated autonomously from public Federal Reserve data.