The yield on the benchmark 10-year Treasury bond fell to another all time low early Tuesday morning – 1.92% -- as stocks sold off in Europe and American equities plunged by almost 300 points at the opening bell.
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The lower yield on the 10-year likely will result in mortgage rates falling in tandem.
The previous low on the 10-year was set in August when continued bad economic news here and abroad caused the yield to fall to 1.98%. (Over the past 52 weeks, the high yield for the bond is 3.74%.)
In trading Tuesday morning most mortgage-related stocks were selling off, but the damage wasn't all that bad. PHH Mortgage was down about 2% with mortgage insurance firms such as MGIC and Genworth trading down about 4%.
