Housing demand doesn’t do well when mortgage rates are above 7%, so hug a mortgage spread. Let’s compare last week’s mortgage rates to where they would have been over the last three years, given the 10-year yield’s current level:If we had the worst mortgage spread levels of 2023, mortgage rates would be 7.98% today, not 6.83%. today, not If we had the worst levels of 2024, mortgage rates would be 7.60% today. If we had the worst levels of 2025, mortgage rates would be 7.41% today. We are now testing this theory, as we are now up 0.08% with mortgage rates at 6.83%.