The hard selloff in Treasuries which started last Thursday spilled over into this week, with the 10-year Treasury planting a final daily value of 5.26% on Tuesday. However, this seemed to be the height of the rout, and by Friday, that benchmark yield had settled back to 5.17%. For the moment, any rise in interest rates seems to have halted and even taken a step back.
That's a good thing, given that many homeowners have been refinancing to get out of higher-rate ARMs, and the rise in rates is quite unwelcome to an audience seeking payment relief. Home sellers would also like to wish the rise away, since higher mortgage costs, should they persist, would serve to trim demand for homes, putting additional pressure on prices.
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