One last thought on this topic, or rather, a question for those who've been so concerned with spreads recently: If the spread only manages to get back to 2% (something we've just shown to be exceedingly possible without any official intervention) and 10yr yields simultaneously fall to 2% for economic/inflation-related reasons, would you still care about the spread? As you consider your answer, keep in mind that the historically elevated spread of 2% would equate to 4% mortgage rates in that scenario.
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10mono one cares about margins when you're raking