The 10-year Treasury yield, a benchmark that can be a rough indicator of long-term mortgage rates, continued its upward trend Friday with a steep climb that had left it near 3.65% by late afternoon.
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The yield was up notably from levels closer to 3.5% just the day before and from closer to 3.3% just a week ago, but Freddie Mac’s weekly average for the 30-year mortgage rates on Thursday had shown a less dramatic week-to-week climb. This suggests the upward pressure on that rate could be more muted than what is seen in the Treasury market.
Jefferies’ daily Treasury market report Friday attributed recent Treasury market movements to factors that included positive economic indicators as well as heavy liquidation by major institutions.
