Wall Street Journal — Bond Market
How bond markets and Treasury yields drive mortgage rates.
Market Data Resources
WSJ Markets — Bonds
Live bond market data, Treasury yields, and corporate bond rates from The Wall Street Journal.
U.S. Treasury Yields
Daily Treasury yield curve rates published by the U.S. Department of the Treasury.
Federal Reserve — Selected Interest Rates
The Federal Reserve's H.15 release of selected interest rates including Treasury securities.
Freddie Mac Primary Mortgage Market Survey
Weekly survey of current mortgage rates for 30-year and 15-year fixed-rate loans.
Understanding the Bond Market
Why Bond Markets Matter for Mortgage Rates
Mortgage rates are closely tied to the yield on the 10-year U.S. Treasury note. When Treasury yields rise, mortgage rates tend to follow. When yields fall, mortgage rates often drop as well. Lenders use the 10-year Treasury as a benchmark because the average mortgage is paid off or refinanced within 10 years.
The Federal Reserve and Mortgage Rates
The Federal Reserve sets the federal funds rate — the rate banks charge each other for overnight loans. While this rate does not directly set mortgage rates, it influences them. When the Fed raises rates to combat inflation, borrowing costs across the economy tend to rise, including mortgage rates.
Mortgage-Backed Securities (MBS)
Most mortgages are bundled into mortgage-backed securities and sold to investors. The yield investors demand on MBS directly affects the rates lenders offer borrowers. When MBS prices fall (yields rise), lenders raise mortgage rates to maintain their margins.
How to Use This Information
Monitoring bond market trends can help you time your mortgage application or refinance. If yields are rising, locking in a rate sooner may save money. If yields are falling, you may benefit from waiting. Our loan officers can help you interpret current market conditions and decide when to lock your rate.
Want to know today's rates?
Check our current rate table or contact us to discuss locking in a rate.