The 10 year treasury mortgage rate spread stood at 2.07% on June 11, 2026, with the 30-year fixed at 6.52% and the 10-year Treasury at 4.45%.
As of the most recent FRED reading (June 11, 2026), the 30-year fixed mortgage rate averaged 6.52% while the 10-year Treasury yield sat at 4.45%, producing a 10 year treasury mortgage rate spread of 2.07 percentage points. The 15-year fixed rate was not reported in the latest release.
The spread between mortgage rates and the 10-year Treasury reflects several structural factors. Mortgage-backed securities carry prepayment and credit risk that Treasuries do not, so investors demand additional compensation. Interest-rate volatility, hedging costs, and the relative supply of each security also widen or narrow the gap. According to MBA Newslink analysis, these variables have kept the spread historically wide in 2026.
Wolf Street data show the spread between 30-year mortgage rates and the 10-year Treasury widened again in early June. The 30-year Treasury itself closed Friday at 4.83%, underscoring that even longer-dated government yields remain well below mortgage pricing. The pattern aligns with research indicating that mortgage rates exceed Treasury yields primarily because of refinancing risk and the coupon spread between primary and secondary mortgage markets.
A 2.07-point spread means that for every $400,000 loan, borrowers pay roughly $690 more per month than they would if mortgage pricing tracked the 10-year Treasury directly. Lenders and secondary-market investors continue to price in the possibility of faster prepayments should rates fall, sustaining the elevated spread.
| Date | 30Y Fixed | 10Y Treasury | 30-10 Spread |
|---|---|---|---|
| 2026-06-11 | 6.52% | 4.45% | 2.07% |
While national averages dominate headlines, metropolitan markets show modest variation. Redfin data indicate that coastal metros such as San Francisco and New York continue to post slightly higher average note rates than the national figure, consistent with stronger housing demand and tighter inventory. Inland markets such as Dallas and Atlanta track closer to the 6.52% benchmark.
Projections for the remainder of 2026 point to a stable 10-year Treasury yield accompanied by mortgage rates that remain elevated relative to Treasuries. Refinancing risk and ongoing quantitative tightening are expected to keep the 10 year treasury mortgage rate spread from compressing meaningfully. Market participants monitoring daily movements can run live scenarios at HomeRates.ai to test rate-lock and refinance decisions under different spread assumptions.
With the 10 year treasury mortgage rate spread holding at 2.07 points, borrowers should expect mortgage pricing to remain materially above Treasury yields through at least the third quarter of 2026. Any sustained narrowing will require either a sharp drop in rate volatility or a material shift in MBS supply-demand dynamics.
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