Mortgage rates are likely to rise due to increasing 10-year Treasury yields, even though the Federal Reserve has cut interest rates. This suggests the 10-year yield is a primary driver for mortgage rate changes.
"And the 10-year yield has been rising despite the Federal Reserve Bank cutting interest rates. ... And this week as the stock market was falling, we saw the 10-year yield rising. Which means if you're going out to get a mortgage, chances are you'll probably be hearing that mortgage rates are rising in the coming days. And the reason why is not because the Federal Reserve Bank is raising rates. ... It's because the 10-year yield has been rising."
