Yield on 10-Year Treasury Approaches 52-Week Low

The yield on the benchmark 10-year Treasury dove Tuesday morning, coming within a hair of its 52-week low of 3.1%. By early afternoon the yield had climbed to 3.14%. (The high for year is 4.01 %.) The declining yield did not escape the attention of executives attending the Mortgage Bankers Association's trade show in New York, including chief economist Jay Brinkmann. "This has been a somewhat tough year to forecast," said Brinkmann, referencing previous expectations for relatively higher rates this year. Securitized mortgage yields did not fall as fast as Treasury yields during the flight to quality Tuesday morning but the drop was still fairly significant, Michael Fratantoni, vice president of research and economics at the MBA, told National Mortgage News.