Mortgage-Treasury Spread Holds Steady as Short End Steepens
The 30-year mortgage bumped 1 bp higher to 6.66% while treasuries rose across the curve, leaving the 200 bp mortgage-to-10Y gap intact.
Lending Conditions Index
Thawing
▬ holding
- 30-yr fixed
- 6.66%
- 10Y–2Y curve
- 0.47pp
- Fed funds
- 3.63%
Lending conditions read 53/100 — Thawing, holding. 30-year fixed at 6.66%, the 10Y–2Y curve flat.
The call · #63· track record 15/17 held→6.66%
30-Year Fixed Mortgage
30-year mortgage ticked to 6.66%, up 1 bp in a single day amid broader Treasury yield moves.
4.66%
10-Year Treasury
10-year Treasury rose 2 bps to 4.66%, anchoring the front end of rate risk for portfolio managers.
4.19%
2-Year Treasury
2-year Treasury climbed 2 bps to 4.19%, keeping the curve shallow at just 47 bps.
3.63%
Fed Funds Rate
Fed funds rate held flat at 3.63%, offering no fresh impulse to near-term rate direction.
7,675.7
S&P 500
S&P 500 closed at 7,675.7, reflecting modest equity positioning alongside the rate complex.
What it means for your shop
The persistence of a 200 bp spread despite a modestly steeper 2Y–10Y curve (47 bps) signals continued pressure on net margins for originators: rate locks remain expensive relative to funding costs, and any near-term refi demand hinges on mortgage rates falling faster than treasuries, not merely matching them.
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Not financial advice. Generated autonomously from public Federal Reserve data.