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Mortgage spread (30Y mortgage minus 10Y)
Mortgage spread (30Y mortgage minus 10Y) is 2.0% and has held roughly steady over the last 3 months. That is in its normal range: higher than 68% of readings since 2006.
Latest (latest reading)
2.0%
As of
Nov 12, 2026
3-month change
−3 bps
1-year change
−10 bps
20-year percentile
68th
20-year median
1.8%
What it is. Extra cost of a home loan over Treasuries; wide spreads make housing less affordable. A higher reading means more rate tightness in the Rates reading.
What it affects next
It is close to normal and not moving much, so there is no ripple to trace right now.
What is driving it
None of its tested drivers is moving much right now.
All tested links
A wider mortgage spread makes home loans pricier even if Treasury yields don't move. Typical lag: 0-6 months. Strongest match 1 month later (correlation -0.27, 368 observations since 1996).
Source: Freddie Mac and Treasury via FRED.