The 10yr bond might be a rough indication of 30yr mortgage rates for the average consumer but have nothing to do with rates in reality.
Mortgages are bundled and sold into mortgage backed securities for 30 years.
Regardless of where the 10 year goes, if there’s no demand to buy 30 year fixed rate bonds at low rates, mortgage rates will go up.
It happened quickly in March
If you can predict the demand for billions of dollars of 30 year MBS, that might be a better indication of where mortgage rates are going.
