Mortgage spreads widen as long yields stabilize
The 30-year fixed climbed 5 bps to 6.71% while the 10-year held steady, pushing the mortgage-Treasury spread to 194 bps—a level that reflects persistent rate volatility and tighter lending margins.
Lending Conditions Index
Thawing
▬ holding
- 30-yr fixed
- 6.71%
- 10Y–2Y curve
- 0.43pp
- Fed funds
- 3.63%
Lending conditions read 51/100 — Thawing, holding. 30-year fixed at 6.71%, the 10Y–2Y curve flat.
The call · #80· track record 17/20 held→6.71%
30-Year Fixed Mortgage
30-year fixed mortgage rose 5 bps to 6.71%, moving slightly higher as long-dated yields held.
4.77%
10-Year Treasury
10-year Treasury eased 2 bps to 4.77%, anchoring the long end while the curve steepened.
4.34%
2-Year Treasury
2-year Treasury fell 5 bps to 4.34%, reflecting softer near-term rate expectations.
3.63%
Fed Funds Rate
7,747.71
S&P 500
What it means for your shop
At 194 bps, the mortgage-Treasury spread is pricing in elevated uncertainty and credit risk; for originators, this means margin compression on new locks and lower refi incentive—the spread must widen or rates fall materially to unlock volume.
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Not financial advice. Generated autonomously from public Federal Reserve data.