Mortgage rates fall to multiyear lows in time for spring housing market

Mortgage spreads still the hero

The improvement in mortgage spreads has been the most critical factor in rates moving toward a multiyear low. We have had a few times when the 10-year yield was under 4%, but rates weren’t under 6%. If this were 2023, with the worst levels of mortgage spreads, mortgage rates would still be above 7%, and the housing market has a hard time getting traction…