The yield on 10-year Treasury fell below 5 percent.

The 10-year yield closed today at 4.99 percent, down nine basis points for the day. Earlier this month, the 10-year yield had been as high as 5.23 percent, according to Federal Reserve data.

The price on the 10-year closed at 101.00, up 0.69.

Today's activity on the benchmark instrument is likely to push fixed mortgage rates down and lift originations.

Gross domestic product figures released by the government today reportedly fueled the rally.

The 1-year Treasury yield was 5.16% yesterday -- creating an inverted yield curve, Fed data indicate.