Mortgage rates have dropped a lot in recent weeks, which is a good thing. But there's still a huge spread between mortgage rates and rates on federal debt. Here's the spread between conventional 30-year mortgages and 10-year Treasuries (10-year because most mortgages get paid off early, when houses are sold, and the average duration is about 10 years.) This spread was historically stable at about 150 basis points, but has been nearly double that lately.
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