As 10 year Treasury yields spike, local mortgage rates will matter more
Government bond market fluctuations have renewed concerns about rising mortgage rates and may prompt borrowers to take more notice of what mortgage lenders are charging on a local level. The yield on the 10-year Treasury bond – which serves as the benchmark for mortgage interest rates – is nearing 3% for the first time since December 2013, amid ongoing concerns about inflation and large-scale auctions of short-term Treasury notes this week that's adding a glut of supply for government debt.