10-year Treasury Yield Back at 4.39%, Yield Curve Steepens at Long End, Mortgage-Rate Spread Remains Historically Wide

The 10-year Treasury yield rose to 4.39% today and is now back in the middle of the range of the past two-plus years, despite the gyrations in between, having brought behind it the deep plunge to 3.99% (bond prices soared) in late March and early April...