10-year bond blows past 5% first time in 4 years

Mortgage market commentary

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The 10-year Treasury note blew through 5 percent for the first time in four years this week, and long-term mortgage rates have begun their approach to 6.75 percent.

The decisiveness of this week’s move was emphasized by an extraordinary departure from trading norm. Funny things happen in thin trading in holiday weeks (the bond market closed at midday Thursday for the Passover-Good-Friday combo); however, ever since Sept.