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The 219 Basis Point Gap: Why a Bond Rally Does Not Reach a Mortgage Payment
The 10-year Treasury fell 4.7 basis points on the election result while the 30-year fixed mortgage rate sat at 7.24 percent, about 219 basis points above the comparable Treasury. The piece separates what the election repriced from the convexity premium that sets household borrowing costs, and prices both on a $400,000 loan.
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