US mortgage spread over the 10-year Treasury
Mortgage rates track the 10-year Treasury, but not exactly. The gap between them is what lenders charge on top — and it moves for reasons that have nothing to do with the Federal Reserve.
1.81percentage points on 2026-09-10 — 0.04pp above the 1990–present average of 1.77pp.
30-year mortgage spread over the 10-year Treasury1990-01-05 – 2026-09-10
Table view — 220 observations
| Date | Spread |
|---|---|
| 2026-09-10 | 1.81pp |
| 2026-07-09 | 1.95pp |
| 2026-05-14 | 1.89pp |
| 2026-03-12 | 1.84pp |
| 2026-01-08 | 1.97pp |
| 2025-11-06 | 2.11pp |
| 2025-09-11 | 2.34pp |
| 2025-07-10 | 2.37pp |
| 2025-05-08 | 2.39pp |
| 2025-03-06 | 2.34pp |
| 2025-01-09 | 2.25pp |
| 2024-11-07 | 2.48pp |
| 2024-09-05 | 2.62pp |
| 2024-07-03 | 2.59pp |
| 2024-05-09 | 2.64pp |
| 2024-03-07 | 2.79pp |
| 2024-01-04 | 2.63pp |
| 2023-11-02 | 3.09pp |
| 2023-09-07 | 2.85pp |
| 2023-07-06 | 2.76pp |
| 2023-05-04 | 3.02pp |
| 2023-03-02 | 2.57pp |
| 2023-01-05 | 2.77pp |
| 2022-11-03 | 2.81pp |
| 2022-09-01 | 2.4pp |
| 2022-07-07 | 2.29pp |
| 2022-05-05 | 2.22pp |
| 2022-03-03 | 1.9pp |
| 2021-12-30 | 1.59pp |
| 2021-11-04 | 1.56pp |
| 2021-09-02 | 1.58pp |
| 2021-07-01 | 1.5pp |
| 2021-04-29 | 1.33pp |
| 2021-03-04 | 1.48pp |
| 2020-12-31 | 1.74pp |
| 2020-10-29 | 1.96pp |
| 2020-08-27 | 2.17pp |
| 2020-07-02 | 2.39pp |
| 2020-04-30 | 2.59pp |
| 2020-02-27 | 2.15pp |
| 2019-12-26 | 1.84pp |
| 2019-10-31 | 2.09pp |
| 2019-08-29 | 2.08pp |
| 2019-06-27 | 1.72pp |
| 2019-04-25 | 1.66pp |
| 2019-02-28 | 1.62pp |
| 2018-12-27 | 1.78pp |
| 2018-10-25 | 1.72pp |
| 2018-08-23 | 1.69pp |
| 2018-06-28 | 1.71pp |
| 2018-04-26 | 1.58pp |
| 2018-02-22 | 1.48pp |
| 2017-12-28 | 1.56pp |
| 2017-10-26 | 1.48pp |
| 2017-08-24 | 1.67pp |
| 2017-06-22 | 1.75pp |
| 2017-04-27 | 1.73pp |
| 2017-02-23 | 1.78pp |
| 2016-12-22 | 1.75pp |
| 2016-10-20 | 1.76pp |
| 2016-08-25 | 1.85pp |
| 2016-06-23 | 1.82pp |
| 2016-04-21 | 1.71pp |
| 2016-02-18 | 1.9pp |
| 2015-12-24 | 1.71pp |
| 2015-10-22 | 1.75pp |
| 2015-08-20 | 1.84pp |
| 2015-06-18 | 1.65pp |
| 2015-04-23 | 1.69pp |
| 2015-02-19 | 1.65pp |
| 2014-12-18 | 1.58pp |
| 2014-10-16 | 1.8pp |
| 2014-08-21 | 1.69pp |
| 2014-06-19 | 1.53pp |
| 2014-04-17 | 1.54pp |
| 2014-02-20 | 1.57pp |
| 2013-12-19 | 1.53pp |
| 2013-10-17 | 1.67pp |
| 2013-08-15 | 1.63pp |
| 2013-06-20 | 1.52pp |
| 2013-04-18 | 1.69pp |
| 2013-02-14 | 1.53pp |
| 2012-12-13 | 1.58pp |
| 2012-10-18 | 1.51pp |
| 2012-08-16 | 1.79pp |
| 2012-06-14 | 2.07pp |
| 2012-04-12 | 1.8pp |
| 2012-02-16 | 1.88pp |
| 2011-12-15 | 2.02pp |
| 2011-10-13 | 1.93pp |
| 2011-08-11 | 1.98pp |
| 2011-06-16 | 1.57pp |
| 2011-04-14 | 1.4pp |
| 2011-02-10 | 1.35pp |
| 2010-12-09 | 1.38pp |
| 2010-10-14 | 1.67pp |
| 2010-08-12 | 1.7pp |
| 2010-06-10 | 1.39pp |
| 2010-04-15 | 1.21pp |
| 2010-02-11 | 1.24pp |
| 2009-12-10 | 1.32pp |
| 2009-10-08 | 1.6pp |
| 2009-08-13 | 1.7pp |
| 2009-06-11 | 1.71pp |
| 2009-04-09 | 1.91pp |
| 2009-02-05 | 2.3pp |
| 2008-12-11 | 2.83pp |
| 2008-10-09 | 2.1pp |
| 2008-08-07 | 2.6pp |
| 2008-06-05 | 2.03pp |
| 2008-04-10 | 2.33pp |
| 2008-02-07 | 1.93pp |
| 2007-12-06 | 1.94pp |
| 2007-10-04 | 1.83pp |
| 2007-08-09 | 1.8pp |
| 2007-06-07 | 1.42pp |
| 2007-04-05 | 1.49pp |
| 2007-02-01 | 1.5pp |
| 2006-12-07 | 1.62pp |
| 2006-10-05 | 1.69pp |
| 2006-08-03 | 1.67pp |
| 2006-06-01 | 1.56pp |
| 2006-04-06 | 1.53pp |
| 2006-02-02 | 1.66pp |
| 2005-12-01 | 1.74pp |
| 2005-10-06 | 1.61pp |
| 2005-08-04 | 1.5pp |
| 2005-06-02 | 1.73pp |
| 2005-03-31 | 1.54pp |
| 2005-02-03 | 1.45pp |
| 2004-12-02 | 1.41pp |
| 2004-09-30 | 1.58pp |
| 2004-07-29 | 1.48pp |
| 2004-06-03 | 1.57pp |
| 2004-04-01 | 1.61pp |
| 2004-01-29 | 1.46pp |
| 2003-11-28 | 1.55pp |
| 2003-10-03 | 1.56pp |
| 2003-08-01 | 1.7pp |
| 2003-05-30 | 1.94pp |
| 2003-03-28 | 1.99pp |
| 2003-01-31 | 1.9pp |
| 2002-11-29 | 1.91pp |
| 2002-09-27 | 2.3pp |
| 2002-07-26 | 1.91pp |
| 2002-05-31 | 1.68pp |
| 2002-03-29 | 1.76pp |
| 2002-01-25 | 1.86pp |
| 2001-11-30 | 2.24pp |
| 2001-09-28 | 2.12pp |
| 2001-07-27 | 1.9pp |
| 2001-05-25 | 1.68pp |
| 2001-03-30 | 1.98pp |
| 2001-01-26 | 1.86pp |
| 2000-11-24 | 2.1pp |
| 2000-09-22 | 2.05pp |
| 2000-07-28 | 2.09pp |
| 2000-05-26 | 2.29pp |
| 2000-03-24 | 2.03pp |
| 2000-01-21 | 1.47pp |
| 1999-11-26 | 1.63pp |
| 1999-09-24 | 2.01pp |
| 1999-07-23 | 1.68pp |
| 1999-05-21 | 1.71pp |
| 1999-03-26 | 1.77pp |
| 1999-01-22 | 2.14pp |
| 1998-11-20 | 2.04pp |
| 1998-09-18 | 1.96pp |
| 1998-07-24 | 1.51pp |
| 1998-05-22 | 1.46pp |
| 1998-03-20 | 1.51pp |
| 1998-01-23 | 1.29pp |
| 1997-11-21 | 1.36pp |
| 1997-09-19 | 1.29pp |
| 1997-07-18 | 1.23pp |
| 1997-05-23 | 1.18pp |
| 1997-03-21 | 1.2pp |
| 1997-01-17 | 1.31pp |
| 1996-11-15 | 1.4pp |
| 1996-09-20 | 1.29pp |
| 1996-07-19 | 1.45pp |
| 1996-05-17 | 1.43pp |
| 1996-03-15 | 1.37pp |
| 1996-01-19 | 1.48pp |
| 1995-11-17 | 1.43pp |
| 1995-09-15 | 1.49pp |
| 1995-07-14 | 1.26pp |
| 1995-05-19 | 1.22pp |
| 1995-03-17 | 1.26pp |
| 1995-01-13 | 1.5pp |
| 1994-11-11 | 1.21pp |
| 1994-09-16 | 1.14pp |
| 1994-07-15 | 1.47pp |
| 1994-05-13 | 1.48pp |
| 1994-03-11 | 1.17pp |
| 1994-01-14 | 1.21pp |
| 1993-11-12 | 1.46pp |
| 1993-09-10 | 1.53pp |
| 1993-07-16 | 1.45pp |
| 1993-05-14 | 1.39pp |
| 1993-03-12 | 1.36pp |
| 1993-01-08 | 1.32pp |
| 1992-11-13 | 1.5pp |
| 1992-09-11 | 1.47pp |
| 1992-07-10 | 1.2pp |
| 1992-05-08 | 1.34pp |
| 1992-03-13 | 1.17pp |
| 1992-01-10 | 1.38pp |
| 1991-11-08 | 1.35pp |
| 1991-09-06 | 1.38pp |
| 1991-07-12 | 1.38pp |
| 1991-05-10 | 1.35pp |
| 1991-03-08 | 1.36pp |
| 1991-01-04 | 1.54pp |
| 1990-11-09 | 1.6pp |
| 1990-09-07 | 1.38pp |
| 1990-07-06 | 1.55pp |
| 1990-05-04 | 1.83pp |
| 1990-03-09 | 1.64pp |
| 1990-01-05 | 1.84pp |
Why this number matters
When the spread is wide, borrowers pay more than the underlying bond market implies — lenders are pricing in risk, volatility, or weak demand for mortgage-backed securities. When it narrows, the mortgage market is functioning normally. It has ranged from 0.97pp to 3.26pp across 1,915 observations since 1990.
Because it is a difference, the spread strips out the interest-rate cycle. A mortgage rate of 6% means something completely different in 1994 than in 2026; a spread of 1.7pp means the same thing in both.
How it is calculated
Freddie Mac's 30-year survey rate minus the US Treasury 10-year constant maturity yield, on each date the mortgage series publishes. The survey is weekly and the Treasury series is daily, so each mortgage observation is paired with the most recent Treasury yield published at that time. We do not interpolate — every point is two numbers that were both real on that date.
A daily version
Freddie Mac's survey is weekly. Using Optimal Blue's daily locked-rate index instead gives a higher-frequency view of the same gap, currently 1.985pp as of 2026-09-11.
Daily locked-rate spread over the 10-year Treasury2017-01-03 – 2026-09-11
Table view — 220 observations
| Date | OBMMI spread |
|---|---|
| 2026-09-11 | 1.985pp |
| 2026-08-26 | 1.995pp |
| 2026-08-11 | 2.001pp |
| 2026-07-27 | 1.995pp |
| 2026-07-10 | 1.951pp |
| 2026-06-24 | 2.039pp |
| 2026-06-08 | 1.941pp |
| 2026-05-21 | 1.99pp |
| 2026-05-06 | 1.979pp |
| 2026-04-21 | 1.931pp |
| 2026-04-03 | 2.033pp |
| 2026-03-19 | 2pp |
| 2026-03-04 | 1.903pp |
| 2026-02-17 | 1.922pp |
| 2026-01-30 | 1.806pp |
| 2026-01-14 | 1.87pp |
| 2025-12-29 | 2.016pp |
| 2025-12-10 | 2.122pp |
| 2025-11-21 | 2.164pp |
| 2025-11-05 | 2.081pp |
| 2025-10-21 | 2.172pp |
| 2025-10-03 | 2.114pp |
| 2025-09-18 | 2.146pp |
| 2025-09-03 | 2.264pp |
| 2025-08-18 | 2.25pp |
| 2025-08-01 | 2.421pp |
| 2025-07-17 | 2.304pp |
| 2025-07-01 | 2.384pp |
| 2025-06-12 | 2.421pp |
| 2025-05-28 | 2.404pp |
| 2025-05-12 | 2.362pp |
| 2025-04-25 | 2.466pp |
| 2025-04-10 | 2.413pp |
| 2025-03-26 | 2.332pp |
| 2025-03-11 | 2.329pp |
| 2025-02-24 | 2.329pp |
| 2025-02-06 | 2.335pp |
| 2025-01-22 | 2.301pp |
| 2025-01-06 | 2.255pp |
| 2024-12-17 | 2.345pp |
| 2024-12-02 | 2.483pp |
| 2024-11-13 | 2.342pp |
| 2024-10-28 | 2.471pp |
| 2024-10-10 | 2.313pp |
| 2024-09-25 | 2.287pp |
| 2024-09-10 | 2.513pp |
| 2024-08-22 | 2.562pp |
| 2024-08-07 | 2.546pp |
| 2024-07-23 | 2.521pp |
| 2024-07-08 | 2.59pp |
| 2024-06-20 | 2.6pp |
| 2024-06-04 | 2.596pp |
| 2024-05-17 | 2.502pp |
| 2024-05-02 | 2.627pp |
| 2024-04-17 | 2.59pp |
| 2024-04-02 | 2.5pp |
| 2024-03-18 | 2.561pp |
| 2024-03-01 | 2.655pp |
| 2024-02-14 | 2.561pp |
| 2024-01-30 | 2.539pp |
| 2024-01-12 | 2.616pp |
| 2023-12-27 | 2.77pp |
| 2023-12-11 | 2.769pp |
| 2023-11-22 | 2.807pp |
| 2023-11-03 | 2.89pp |
| 2023-10-19 | 2.828pp |
| 2023-10-03 | 2.785pp |
| 2023-09-18 | 2.874pp |
| 2023-08-31 | 2.982pp |
| 2023-08-16 | 2.903pp |
| 2023-08-01 | 2.878pp |
| 2023-07-17 | 2.96pp |
| 2023-06-29 | 2.93pp |
| 2023-06-13 | 2.86pp |
| 2023-05-26 | 3.05pp |
| 2023-05-11 | 2.948pp |
| 2023-04-26 | 2.974pp |
| 2023-04-11 | 2.962pp |
| 2023-03-27 | 2.839pp |
| 2023-03-10 | 2.99pp |
| 2023-02-23 | 2.746pp |
| 2023-02-07 | 2.593pp |
| 2023-01-23 | 2.671pp |
| 2023-01-04 | 2.772pp |
| 2022-12-16 | 2.784pp |
| 2022-12-01 | 2.86pp |
| 2022-11-14 | 2.82pp |
| 2022-10-27 | 2.99pp |
| 2022-10-12 | 3.029pp |
| 2022-09-26 | 2.845pp |
| 2022-09-09 | 2.633pp |
| 2022-08-24 | 2.631pp |
| 2022-08-09 | 2.646pp |
| 2022-07-25 | 2.827pp |
| 2022-07-08 | 2.739pp |
| 2022-06-22 | 2.744pp |
| 2022-06-06 | 2.46pp |
| 2022-05-19 | 2.583pp |
| 2022-05-04 | 2.595pp |
| 2022-04-19 | 2.414pp |
| 2022-04-04 | 2.446pp |
| 2022-03-17 | 2.309pp |
| 2022-03-02 | 2.225pp |
| 2022-02-14 | 2.169pp |
| 2022-01-28 | 1.999pp |
| 2022-01-12 | 1.852pp |
| 2021-12-27 | 1.864pp |
| 2021-12-09 | 1.852pp |
| 2021-11-22 | 1.683pp |
| 2021-11-04 | 1.704pp |
| 2021-10-20 | 1.621pp |
| 2021-10-04 | 1.669pp |
| 2021-09-17 | 1.715pp |
| 2021-09-01 | 1.748pp |
| 2021-08-17 | 1.794pp |
| 2021-08-02 | 1.757pp |
| 2021-07-16 | 1.766pp |
| 2021-06-30 | 1.705pp |
| 2021-06-15 | 1.651pp |
| 2021-05-27 | 1.55pp |
| 2021-05-12 | 1.504pp |
| 2021-04-27 | 1.536pp |
| 2021-04-12 | 1.575pp |
| 2021-03-26 | 1.634pp |
| 2021-03-11 | 1.662pp |
| 2021-02-24 | 1.738pp |
| 2021-02-08 | 1.658pp |
| 2021-01-22 | 1.734pp |
| 2021-01-06 | 1.768pp |
| 2020-12-18 | 1.824pp |
| 2020-12-03 | 1.883pp |
| 2020-11-17 | 1.956pp |
| 2020-10-30 | 1.994pp |
| 2020-10-15 | 2.145pp |
| 2020-09-29 | 2.233pp |
| 2020-09-14 | 2.24pp |
| 2020-08-27 | 2.186pp |
| 2020-08-11 | 2.234pp |
| 2020-07-27 | 2.358pp |
| 2020-07-10 | 2.375pp |
| 2020-06-24 | 2.486pp |
| 2020-06-09 | 2.37pp |
| 2020-05-22 | 2.589pp |
| 2020-05-07 | 2.707pp |
| 2020-04-22 | 2.773pp |
| 2020-04-07 | 2.694pp |
| 2020-03-23 | 2.681pp |
| 2020-03-06 | 2.518pp |
| 2020-02-20 | 2.15pp |
| 2020-02-04 | 2.07pp |
| 2020-01-17 | 2.039pp |
| 2020-01-02 | 2.034pp |
| 2019-12-16 | 2.059pp |
| 2019-11-29 | 2.098pp |
| 2019-11-13 | 2.117pp |
| 2019-10-28 | 2.176pp |
| 2019-10-09 | 2.256pp |
| 2019-09-24 | 2.265pp |
| 2019-09-09 | 2.139pp |
| 2019-08-22 | 2.236pp |
| 2019-08-07 | 2.124pp |
| 2019-07-23 | 1.981pp |
| 2019-07-08 | 1.98pp |
| 2019-06-20 | 1.976pp |
| 2019-06-05 | 2.014pp |
| 2019-05-20 | 1.96pp |
| 2019-05-03 | 1.911pp |
| 2019-04-18 | 1.909pp |
| 2019-04-03 | 1.925pp |
| 2019-03-19 | 1.964pp |
| 2019-03-04 | 2.003pp |
| 2019-02-14 | 2.037pp |
| 2019-01-30 | 2.051pp |
| 2019-01-14 | 2.051pp |
| 2018-12-26 | 2.089pp |
| 2018-12-10 | 2.113pp |
| 2018-11-23 | 1.972pp |
| 2018-11-06 | 1.993pp |
| 2018-10-22 | 1.96pp |
| 2018-10-04 | 1.912pp |
| 2018-09-19 | 1.931pp |
| 2018-09-04 | 1.962pp |
| 2018-08-17 | 1.988pp |
| 2018-08-02 | 1.931pp |
| 2018-07-18 | 1.955pp |
| 2018-07-02 | 1.97pp |
| 2018-06-15 | 1.924pp |
| 2018-05-31 | 1.963pp |
| 2018-05-15 | 1.86pp |
| 2018-04-30 | 1.884pp |
| 2018-04-13 | 1.904pp |
| 2018-03-29 | 1.971pp |
| 2018-03-13 | 1.864pp |
| 2018-02-26 | 1.817pp |
| 2018-02-08 | 1.809pp |
| 2018-01-24 | 1.775pp |
| 2018-01-08 | 1.794pp |
| 2017-12-20 | 1.816pp |
| 2017-12-05 | 1.887pp |
| 2017-11-17 | 1.866pp |
| 2017-11-01 | 1.861pp |
| 2017-10-17 | 1.88pp |
| 2017-09-29 | 1.843pp |
| 2017-09-14 | 1.942pp |
| 2017-08-29 | 1.994pp |
| 2017-08-14 | 1.961pp |
| 2017-07-28 | 1.949pp |
| 2017-07-13 | 1.936pp |
| 2017-06-27 | 2.002pp |
| 2017-06-12 | 1.997pp |
| 2017-05-24 | 1.985pp |
| 2017-05-09 | 1.917pp |
| 2017-04-24 | 2.011pp |
| 2017-04-07 | 1.979pp |
| 2017-03-23 | 2.006pp |
| 2017-03-08 | 1.927pp |
| 2017-02-21 | 1.969pp |
| 2017-02-03 | 1.918pp |
| 2017-01-19 | 1.979pp |
| 2017-01-03 | 1.976pp |
Sources
- Source
- Freddie Mac
- Observation date
- Retrieved
Freddie Mac, Primary Mortgage Market Survey®, retrieved from FRED, Federal Reserve Bank of St. Louis.
Source disclaimer
Data are provided "as is" by Freddie Mac®, with no warranties of any kind, express or implied, including but not limited to warranties of accuracy or implied warranties of merchantability or fitness for a particular purpose. Use of the data is at the user's sole risk. Copyright, 2016, Freddie Mac. Reprinted with permission.
- Observation date
- Retrieved
U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates.