Monthly average Freddie Mac mortgage rate and 10-year yield via St. Louis Fed, chart by Mish

Chart Notes 

The mortgage rate is a monthly average of Freddie Mac data via the St. Louis Fed. 

Freddie Mac rates tend to be on the low side vs Mortgage News Daily averages.

The average spread since 1972 is 1.71 percentage points.

May 3, 2022 Rates

30-Year Mortgage: 5.55%

10-Year Treasury Yield: 2.99%

Spread: 2.56 Percentage Points 

Mortgage Rate Convexity 

The spread may seem a bit high but the chart shows spreads often rise in recession and when treasury yields rise. Some of this is due to Convexity Hedging.