Treasury Yields, 30-Year Fixed Mortgage Off Intra-Month Highs
Doug Short | Aug 01, 2013 02:15AM ET
The latest Freddie Mac Weekly Primary Mortgage Market Survey, published Tuesday, puts the 30-year fixed at 4.31%, 20 bps off its interim high two weeks ago, although we'll get a new weekly update today.
Here is a snapshot of the 10-year yield and the 30-year fixed mortgage since 2008.
A log-scale snapshot of the 10-year yield offers a more accurate view of the relative change over time. Here is a long look since 1965, starting well before the 1973 Oil Embargo that triggered the era of "stagflation" (economic stagnation with inflation). I've drawn a trendline connecting the interim highs following those stagflationary years. The red line starts with the 1987 closing high on the Friday before the notorious Black Monday market crash. The S&P 500 fell 5.16% that Friday and 20.47% on Black Monday.
Here is a long look back, courtesy of a FRED graph, of the Freddie Mac weekly survey on the 30-year fixed mortgage, which began in May of 1976.
A Perspective on Yields Since 2007
The first chart shows the daily performance of several Treasuries and the Fed Funds Rate (FFR) since 2007. The source for the yields is the Treasury Yields in Perspective , which I update on weekends.
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