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| Mortgage rates are being pushed higher by heavy issuance of U.S. debt.The yield on the 10-year Treasury note shot up to 3.707 percent late today — rising from yesterday’s close of 3.546 percent.
The yield was 36 basis points higher than last Thursday — when it was already up more than 20 BPS on a weekly basis — suggesting mortgage rates will be worse. The price was 1 10/32 lower than yesterday’s close. Deterioration in the 10-year comes ahead of a big sale by the U.S. Department of the Treasury as it finances a huge spending package. The Dow Jones Industrial Average was down more than 107 points in late trading to 8360. |
