The yield on the benchmark 10-year Treasury dropped to 2.8% as of noon on March 6 from 3% at mid-week, a sign that mortgage rates could be headed lower soon. The yield moved below its recent range as investors — discouraged by the stock market's current bleak prospects — moved into Treasuries as a safe haven, according to a market update from Jefferies & Company. Also causing investors to flock to Treasuries, boosting prices (which move in the opposite direction from their yields) was a relatively pessimistic employment report. (See related story above.) Meanwhile, Quicken Loans is advertising a 30-year fixed-rate conventional loan at 4.7% if the consumer pays 1.6 in upfront points.
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