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Bad News for Mortgage Rates

Treasury yield jumps as tax deal announced

By SAM GARCIA Mortgage Daily

Dec. 7, 2010


Treasury market activity Tuesday suggests mortgage rates are moving much higher.

Late today, the yield on the 10-year Treasury was 3.158 percent, according to market data from WSJ.com.

The Treasury price -- which moves in the opposite direction of the yield -- sank 1 29/32 on the day.

Last Thursday -- when the 30-year fixed-rate mortgage was reported by Freddie Mac at 4.46 percent -- the 10-year yield was 3.01 percent, according to Treasury Department data.

The sharp increase in the Treasury yield follows an agreement between the Obama administration and Republicans to delay the elimination of Bush-era tax cuts.

Movement in the 10-year yield suggests that the 30-year fixed-rate mortgage might be around 4.60 percent in Freddie's weekly survey this week.

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