The 10-Year Yield Rose to 4.96%. A Fixed Loan Did Not.

The 10-year U.S. Treasury yield rose on Tuesday, Nov. 3, as Americans voted in the midterms. CNBC reported it up more than 6 basis points at 4.96%. The 30-year yield was at 5.332%, and the 2-year yield, which follows near-term Federal Reserve expectations more closely, was at 4.623%.

That is a different session from Monday, when CNBC had the 10-year at 4.906% as oil plunged. On Tuesday, oil fell again, so the higher yield was not simply the bond market shadowing a fresh crude spike. September job openings were described as better than expected, but the openings total was not printed in this account.

The 10-year yield is a benchmark lenders watch for new mortgages, auto loans and some business credit. A higher yield can mean a higher offer on a new loan if the lender follows it. It does not rewrite a fixed-rate mortgage or car loan already signed. No new national mortgage quote, and no Federal Reserve decision, was announced with Tuesday’s move.

Could the 4.96% yield change a fixed payment you already have? No change to an existing fixed payment was announced. The figure is Tuesday’s Treasury yield, which can affect new borrowing only if lenders reprice.