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Mortgage Spread
The mortgage spread measures the difference between the 30-year fixed mortgage rate and the 10-year Treasury yield. It helps show how much extra premium borrowers are paying above a key benchmark interest rate.
1.89%
Historical Spread
Mortgage spread: market update
As of the latest available data, the mortgage spread is currently 1.89%. Over the selected chart range, it has changed by +0.16%.
The mortgage spread represents the difference between the 30-year mortgage rate and the 10-year Treasury yield . It reflects how much extra cost borrowers are paying above the Treasury benchmark.
Changes in the spread are often driven by credit conditions, lender margins, and investor demand for mortgage-backed securities. A widening spread can indicate tighter lending conditions or increased market uncertainty, while a narrowing spread suggests mortgage pricing is becoming more aligned with Treasury yields, which can improve borrowing conditions for homebuyers and refinancers.
What is the mortgage spread?
The mortgage spread is the difference between the 30-year mortgage rate and the 10-year Treasury yield . It represents the additional cost borrowers pay above the Treasury benchmark.
This spread reflects lender margins, credit risk, servicing costs, and broader market conditions. When the spread widens, mortgage rates are becoming more expensive relative to Treasury yields. When it narrows, mortgage rates are moving closer to their benchmark.
Why the mortgage spread matters
Tracking the mortgage spread helps explain why mortgage rates may rise even when Treasury yields are stable, or why they may not fall as quickly when yields decline.
To see the full relationship, compare the spread with the mortgage rates today homepage , the 30-year mortgage rate , and the 15-year mortgage rate .
What causes the mortgage spread to change?
The mortgage spread can change due to shifts in credit market conditions, lender risk tolerance, and investor demand for mortgage-backed securities. When financial markets become more uncertain, investors may demand higher returns, which can widen the spread.
Conversely, when conditions stabilize and demand for mortgage-backed securities increases, the spread may narrow, bringing mortgage rates closer to Treasury yields.
About Mortgage Spread
Mortgage spread is the difference between the average 30-year mortgage rate and the 10-year Treasury yield. When the spread widens, it can suggest tighter lending conditions, higher risk premiums, or increased uncertainty in credit markets. When it narrows, mortgage rates are moving closer to Treasury yields.
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