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Rate Pulse May 7

Auction-driven curve flattening

10y outperforms shorter tenors.

Thursday, May 7, 202610Y Treasury 4.43%
30Y fixed
7.46%
+4bps today
15Y fixed
6.82%
7d 0bps
5/1 ARM
6.81%
30d +45bps
Now

Treasury auction took down well; 10y outperformed and the 30Y mortgage was steady.