Quote:
Originally Posted by KingOfJericho
30yr mortgage rates are typically ~1.8% over 10yr UST. They are currently ~2.2% over. The issue is that banks set their own rates and they know full well that these are historic lows. They already have a massive backlog of business at current rates so they're not inclined to drop them to gain a competitive edge.
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The rate I got on my 30y fixed yesterday was 175 bps over the 10y, not sure where you are getting 220 bps from.