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30-Year Above 4.7%

After soaring 20 basis points yesterday, the yield on the 10-year Treasury is up more than 10 BPS today. The Treasury activity is pushing the interest rate on the 30-year mortgage above 4.7 percent.

On Tuesday, the 10-year yield climbed to 3.15 percent, according to data from the U.S. Treasury. A day earlier, the yield was just 2.95 percent.

The increase followed an agreement between congressional Republicans and the Obama administration to extend Bush administration tax cuts and unemployment benefits.

During trading Wednesday, the 10-year was yielding 3.293 percent, according to data from WSJ.com.

The 10-year Treasury price was down 1 8/32.

Based on an analysis of Treasury activity, the 30-year fixed-rate mortgage is likely to climb to around 4.75 percent in Freddie Mac’s survey tomorrow from 4.46 percent last week.

Looking at wholesale pricing at par, the 30-year is priced at 4.750 percent based on Mortech Inc.’s pricing engine for a $200,000 mortgage on a one-unit residence in Dallas.

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