The long-term rate-indicative 10-year Treasury yield Monday fell once again to another low for the year following the release of a weaker than expected reading on a homebuilders index.
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The benchmark 10-year yield dropped below 2.6% on Aug. 16 as the overall National Association of Home Builders index declined to its worst level since March 2009.
The index dropped to 13 from 14 in a move that contrasted expectations for a slight increase, according to Weiss Research Inc.
Mike Larson, real estate and interest rate analyst at Weiss, said in a report that he believes the lack of job growth is responsible for the lack of improvement in the index.
