Mortgage Rates Continue to Shift Down
February 2, 2023
Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent. According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.
10 year treasury is currently 3.398%. The spread between the 10 year and 30-Yr FRM is 2.692% (6.09-3.398) Historically the spread is usually 1.75% to 2%.
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