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5-year bond yields are slowly dropping. The yield is now 2.54%. That’s down from the 7-month closing high of 2.81%, set on June 10.
5-year yields are a key driver of fixed mortgage rates. Typically, when yields drop, 5-year mortgage rates drop. In the past few days we’ve seen a handful of lenders lower rates, but just 0.05% or so.
The Big 5 last raised mortgage rates on June 9, when the 5-year yield was 2.68%.