Only two months ago, the prospect of 10-year Treasury yields reaching 3 percent was an almost certainty after a relentless climb from 2.4 percent at the start of the year. But a retreat ensued, sending them as low as 2.72 percent in early April, only to reverse course again this week. The 10-year yield breached 2.9 percent on Thursday, the highest in eight weeks.
And we have Freddie Mac’s 30Y commitment rate climbing to 4.47%, the highest since December 2013.
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And here is the current Treasury yield curve and mortgage rate curve.
You can see the declining 10Y-2Y slope mostly being the rise in the 2Y yield (except for today).
Will Powell and his FOMC crew keep the 10 year Treasury yield down under 3%? And try to keep 30 mortgage rates under 4.5%?
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