In a kind of reversal of fortune, conforming 30 FRM averages moved up this week, while jumbo 30 FRM averages edged down, narrowing the gap between them to "only" 85 basis points. Given the extraordinarily wide markup over a comparable 10-year Treasury, there is plenty of room for fixed mortgage rates to decline even if Treasury rates don't. For the moment, however, those wide spreads are serving to help restore profitability in mortgage lending, so they may be slow to diminish.
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