Mortgage Spread Widens as Ten-Year Bonds Sell Off
The 30-year fixed rate sits at 6.65% while the 10-year Treasury climbed to 4.69%, pushing the mortgage–bond spread to 196 basis points.
Lending Conditions Index
Thawing
▬ holding
- 30-yr fixed
- 6.65%
- 10Y–2Y curve
- 0.50pp
- Fed funds
- 3.63%
Lending conditions read 53/100 — Thawing, holding. 30-year fixed at 6.65%, the 10Y–2Y curve positively sloped.
The call · #105· track record 19/28 held→6.65%
30-Year Fixed Mortgage
30-year fixed at 6.65%, down 2 bps on the day but still anchored well above Treasury yields.
4.69%
10-Year Treasury
10-year Treasury at 4.69%, up 4 bps, pulling the long end of the curve higher.
4.19%
2-Year Treasury
2-year at 4.19%, holding steady as near-term policy expectations remain locked in.
3.63%
Fed Funds Rate
Fed funds at 3.63% (as of July 1), unchanged; policy stance remains static.
7,674.37
S&P 500
S&P 500 at 7,674, flat backdrop for risk appetite; no equity-driven flight to safety or duration.
What it means for your shop
With the curve flattening to just 50 bps and the mortgage spread near year-highs at 196 bps, secondary market execution is tightening; lenders face higher lock costs and compressed gain-on-sale. Refi incentive continues to fade as borrowers see no material improvement in offer rates.
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Not financial advice. Generated autonomously from public Federal Reserve data.