Lately, the bond market has been making one and two-week moves in a single day.
The 5-year bond yield fell .24% yesterday with the world seemingly about to end. Today it’s rose .21%, as stocks rebounded and Canada’s GDP jumped higher than expected.
These are really big moves in yields. We report these moves because mortgage professionals like to follow them (the 5-year bond influences fixed mortgage rates). It’s good to remember, though, that reading into them too deeply is somewhat risky. You never know what will drive the market tomorrow.
The current yield on the 5-year bond is 3.11%.
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