Mortgage Spreads are Rising (although maybe it’s a blip).

I check out mortgage rates at least once a week, because, well, it is my job to know what they are. 

Recently, I have been expecting to see mortgage rates fall a lot, because 10-year Treasury Yields have fallen a lot.  But they haven’t.  Here is the spread of 30-year mortgages over 10-year Treasuries:

As you can see, the spread is at its highest level in at least five years (BTW, 10-year Treasuries are from Fridays, and the Freddie PMMS is from Thursdays, but still…). 

I am eagerly awaiting next week to see if this continues.