10-Year Treasury Yield Snaps Back To February's 4.5%, Yield Curve Re-Un-Inverts, Mortgage Rates Back At 7%

Summary

• The 10-year Treasury yield rose to 4.49% on Friday, back where it had been on February 20. It has snapped back by 50 bps from the recent low on April 3 of 3.99% after a hard plunge.
• Longer-term yields have snapped back from the recent lows, but are still lower than on January 10. As a result, yields of 7 years and longer are now once again higher than short-term yields, and that part of the yield curve has re-un-inverted.
• Following the White House interest rate bash-down, mortgage rates fell with the 10-year yield, and now they too snapped back to 7.07%.

Douglas Rissing

The aggressive bash-down by the White House of long-term Treasury yields and the dollar since January worked. Until it didn’t.

The 10-year Treasury yield rose to 4.49% on Friday, back where it had been on February 20. It has snapped