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30-year Treasury yield peaks near 19-year high, then retreats

Zillow Research links the yield dip to an announcement of larger bond buybacks, while noting the underlying drivers behind the rise were not described as fading.

Reported · Written up by our desk · Mortgages

Zillow Research said the 30-year Treasury yield briefly hit a 19-year high before pulling back after an announcement that larger bond buybacks were coming.

The outlet argued that, even if Treasury yields move lower mechanically around such announcements, the fundamental pressures behind the recent rise may persist.

It pointed to factors including the government deficit, an oil shock, and what it described as AI-related debt, saying those forces have not faded.

For mortgage borrowers, the key takeaway is that the direction of mortgage rates may still be influenced by those longer-running drivers, not just day-to-day Treasury market moves.

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