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10-Year Treasury Yield Breaks Record

After teetering on the verge of a new record low on Monday, a benchmark Treasury yield that is closely tracked by mortgage rates broke new ground on Tuesday. The latest Treasury market activity points to a new low for mortgage rates later this week in a closely watched survey.

On Monday, the yield on the 10-year Treasury note traded in record territory on worries about Europe’s ability to bring stability to Greece and Spain. But the benchmark bond settled at 1.47 percent.

While the ultra-low 10-year yield didn’t establish a new record Monday, it did match the low first established on June 1.

But on Tuesday, the 10-year yield did close in record territory.

According to data released by the Department of the Treasury, the 10-year yield closed at 1.44 percent — the lowest level ever recorded based on the oldest historical data available from the Federal Reserve.

The yield fell as the stock market tumbled following a story from the Wall Street Journal that the Fed is poised to step up its actions to buoy the sagging U.S. economy and another report from Reuters saying that Greece is unlikely to meet its debt obligations.

Disappointing earnings from Apple Inc. are likely to put more downward pressure on the 10-year yield.

Tuesday’s 10-year yield suggests that the 30-year fixed-rate mortgage could be around 3.45 percent in Freddie Mac’s Primary Mortgage Market Survey this Thursday — a new all-time low.

The 30 year averaged a record-low 3.53 percent in Freddie’s survey for the week ended July 19.

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