The 10-Year Yield Hit 4.868%. An Old Fixed Loan Did Not.

The 10-year Treasury yield climbed to 4.868% on Friday, Nov. 6, after the stronger October jobs report, CNBC reported. That was up more than 3 basis points. The 30-year yield rose more than 2 basis points to 5.275%, and the 2-year yield jumped nearly 5 basis points to 4.524%. Yields and bond prices move in opposite directions.

This updates Thursday's lower yield quotes. It is a market rate on government debt, not a notice that a bank changed a loan already signed. CNBC said futures priced a more than 76% chance of a quarter-point Federal Reserve hike at the Dec. 9 meeting, up from more than 66% a day earlier. The funds target itself remained 3.75% to 4%.

Economist Christopher Rupkey wrote that the labor figures would make inflation harder to reduce and that interest rates were headed higher. That is his forecast, not a policy vote. A lender can reprice a new loan if it follows the higher yield. No new mortgage quote was published with Friday's move.

Could Friday's 4.868% Treasury yield reset a fixed loan you already have? No. It is a market quote after the jobs report. It does not change an existing fixed contract, and no new mortgage rate was published.