10-Year Yield Rises to 4.8%

The long-term rate-indicative 10-year Treasury yield as of Friday morning had risen back to 4.80%, where it had stood before falling to a lower trading range between 4.50% and 4.60% in late September.The higher benchmark yield has meant less volatility and firmer prices for residential mortgage-backed securities, according to an Oct. 12 report by Noah Estrin, MBS trading analyst at RBS Greenwich Capital. However, Mr. Estrin noted that foreign investors have been "largely absent despite the movement over the past week to higher absolute yield levels."