Mortgage Spread History

Mortgage rates today: market update

As of the latest available data, the 30-year mortgage rate is 6.36%, while the 15-year mortgage rate is 5.71%. The 10-year Treasury yield is currently 4.47%, putting the mortgage spread at 1.89%.

Over the selected 10Y chart range, the 30-year mortgage rate has moved +2.78% over 10Y, while the 15-year mortgage rate has moved +2.90% over 10Y. The 10-year Treasury yield has moved +2.72% over 10Y.

Mortgage rates are closely influenced by Treasury yields, but they do not always move one-for-one. Lender pricing, credit conditions, investor demand for mortgage-backed securities, and broader market uncertainty can all affect how quickly mortgage rates respond to changes in Treasury yields.

The mortgage spread has moved +0.16% over 10Y. A wider spread may suggest tighter lending conditions or elevated uncertainty, while a narrower spread can indicate mortgage pricing is moving closer to its historical relationship with Treasuries.

Mortgage Rates Today: what this page helps you track

This homepage is designed to give you a quick, practical view of mortgage rates today. Instead of showing only a single headline number, it brings together the current 30-year mortgage rate , the 15-year mortgage rate , the 10-year Treasury yield , and the mortgage spread so borrowers can see both current levels and the broader rate relationship behind them.

For users comparing purchase timing, refinance timing, or overall affordability, that broader view matters. Mortgage rates move for many reasons, but they are often easier to interpret when you can also see Treasury yields and how far mortgage pricing is sitting above that benchmark.

30-year mortgage rate vs 15-year mortgage rate

The 30-year mortgage rate is usually the most watched rate in the U.S. housing market because it is the standard benchmark many buyers use when estimating monthly payment affordability. A 30-year loan typically offers a lower monthly payment than a shorter-term loan, but it usually comes with more total interest paid over the life of the mortgage.

The 15-year mortgage rate is often lower than the 30-year rate, but the tradeoff is a higher monthly payment because the loan is repaid faster. Borrowers deciding between the two should compare payment size, interest savings, and how long they expect to keep the property.

Mortgage rates vs Treasury yield

One of the most useful comparisons in housing finance is mortgage rates vs Treasury yield, especially the 10-year Treasury. Mortgage rates do not move in lockstep with Treasury yields every day, but the 10-year note is a widely followed market benchmark because it reflects long-term borrowing conditions and investor expectations around inflation, growth, and monetary policy.

When the 10-year Treasury yield rises, mortgage rates often face upward pressure. When Treasury yields fall, mortgage rates may ease as well, though the amount of that move also depends on lender pricing and credit-market conditions.

What is the mortgage spread?

The mortgage spread is the difference between the average 30-year fixed mortgage rate and the 10-year Treasury yield. It helps explain why mortgage borrowers may be paying meaningfully more than the Treasury benchmark even when Treasury yields look stable.

A wider spread can suggest tighter lending conditions, higher servicing costs, greater uncertainty in credit markets, or other factors pushing mortgage pricing higher relative to Treasuries. A narrower spread usually means mortgage pricing is moving closer to its benchmark relationship.

For a deeper view, visit the dedicated Mortgage Spread page, where the spread is shown as its own historical series.

Explore rate pages and mortgage calculators

Value of Rates is built so the homepage acts as the main hub, while the deeper pages answer more specific questions. If you want a single benchmark, start with the 30-year mortgage rate page. If you want to compare shorter-term financing, visit the 15-year mortgage rate page. If you are focused on market context, review the 10-year Treasury yield and mortgage spread pages.

If you want to translate rate levels into actual payment decisions, use the mortgage calculator , refinance calculator , or affordability calculator .

Mortgage rates FAQ

Why do mortgage rates usually differ from Treasury yields?

Mortgage rates include additional pricing factors beyond the Treasury benchmark, including credit risk, servicing costs, lender margins, and broader mortgage market conditions. That is why the spread between mortgage rates and the 10-year Treasury can widen or narrow over time.

Is the 30-year mortgage rate the most important rate to watch?

For many homebuyers, yes. The 30-year fixed rate is the most common benchmark because it heavily influences monthly payment estimates and affordability comparisons across the housing market.

How should I use this homepage?

Use the homepage to get a quick snapshot of mortgage rates today, compare those rates with the 10-year Treasury, and see whether the mortgage spread is relatively wide or narrow. Then move into the detailed rate pages or calculators depending on what decision you are trying to make.