Research
Box Spread Rates vs. Mortgage Rates
The 1-year Haven SPX Box Rate beside the Freddie Mac 30-year mortgage rate. Each survey week uses that week’s Haven average.
Key takeaway
From 2012 through 2025, the 30-year mortgage rate was higher than the same-week 1-year Haven SPX Box Rate in all 731 paired weeks. The average gap was 2.53 percentage points.
1-year Haven SPX Box Rate30-year mortgage
Hover a point for that year.
Yearly comparison
| Year | Weeks | 1-year Haven SPX Box Rate | 30-year mortgage | Mortgage minus Haven, pp |
|---|---|---|---|---|
| 2012 | 52 | 0.47% | 3.66% | 3.19 |
| 2013 | 52 | 0.46% | 3.98% | 3.52 |
| 2014 | 53 | 0.45% | 4.17% | 3.72 |
| 2015 | 52 | 0.68% | 3.85% | 3.17 |
| 2016 | 52 | 0.92% | 3.65% | 2.73 |
| 2017 | 52 | 1.57% | 3.99% | 2.42 |
| 2018 | 52 | 2.68% | 4.54% | 1.86 |
| 2019 | 52 | 2.24% | 3.94% | 1.69 |
| 2020 | 53 | 0.71% | 3.11% | 2.40 |
| 2021 | 52 | 0.53% | 2.96% | 2.43 |
| 2022 | 52 | 3.11% | 5.34% | 2.23 |
| 2023 | 52 | 5.15% | 6.81% | 1.66 |
| 2024 | 52 | 4.83% | 6.72% | 1.90 |
| 2025 | 53 | 4.11% | 6.60% | 2.48 |
| 2026 | 40 | 4.25% | 6.46% | 2.20 |
Each Freddie Mac weekly survey is paired with the average 1-year Haven SPX Box Rate from that same week. 2026 runs through October 6 for Haven and October 8 for the mortgage survey.
What this means
The 30-year mortgage rate is the rate on a long-term loan secured by a house. The Haven SPX Box Rate is a constant-maturity reference rate read from listed SPX options. The series can be set side by side, but they are not equivalent: term, collateral, credit, and fees differ, and the Haven SPX Box Rate is not a mortgage quote or a commitment to lend.
Sources: Methodology · Freddie Mac Primary Mortgage Market Survey. The table uses the cleaned daily history. The CSV and JSON on the rates page are the published daily files.
Haven SPX Box RateFinancing simulator
Haven Funding LLC is owned by Haven Systems LLC. Neither firm is a bank or a registered broker-dealer. Securities and execution services are provided through Interactive Brokers LLC. The Haven SPX Box Rate is a constant-maturity reference rate. It is not a Truth in Lending APR and not a commitment to lend.