The yield on the 10-year Treasury fell to its lowest level since November 2010 and indicates mortgage rates will fall even further.
During late morning trading Friday, the yield on the 10-year Treasury was 2.951 percent, down from 3.01 percent at Thursday’s close, according to data from the Department of the Treasury and WSJ.com.
The price on the 10-year, which moves in the opposite direction as the yield, was 14/32 higher today.
Impacting Treasury prices was a sinking stock market, with the Dow Jones Industrial Average down 140 points. The decline in stocks came as news emerged of rising import prices and weakening Chinese trade data.
Today’s Treasury market activity suggests that the 30-year mortgage rate has fallen around 5 basis points — putting it around 4.44 percent. The last time the 30-year was that low was the week ended Nov. 24, 2010, when it stood at 4.40 percent, based on weekly data from Freddie Mac.
