The 10-year Treasury Yields sits at 3.98%, the last time it was 4.00%, or higher, was 2010.
While not a 1:1 correlation with mortgage rate, it is a good barometer, and a big influencer.
Many will agree the treasury yields increase due to a lesser confidence in the US GOV vs. alternative investments, which cannot offset the higher returns offers to treasury buyers.
Many current investors that exit the equities will not purchase treasuries, as not their strategy, the will sit on cash until they feel there are new opportunities in the equity markets.
Failure to sell debt will result in offering higher yields, which will affect all consumer debt rates.
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