The 10-year Treasury yield, which is indicative of long-term mortgage rates, had fallen to 4.80% as of midday Tuesday, definitively moving it into a trading range below 5.0%.Among the market developments continuing to pressure bond yields downward was a report by luxury homebuilder Toll Brothers that it was cutting its earnings estimate in response to conditions in the housing market, according to Yahoo! Finance. However, homebuilder shares had halted their recent slide and were up slightly as of midday Tuesday.
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