Mortgage Rates Decline
January 12, 2023
While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates. Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move.
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The 10 year treasury closed yesterday (1/11/23) at 3.556% which is a spread of 2.774. This is a bit lower than the recent spreads of 3, but higher than the normal spread of 2 to 1.75.
See page 7 of the 2023 forcast on the following link: 2023 forecast MBS Highway
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