10-Year Treasury Yield Falls 8 Basis Points to 4.86% in Week Before CPI Inflation Report

1What happened last week

The 10-year Treasury yield fell 8 basis points in the week ended Friday, November 6, 2026, from 4.94% to 4.86%. The yield is the yearly return a buyer earns on a government bond at its current price. A basis point is one hundredth of a percentage point.

The next table shows each day's close and change for the 10-year yield and the 2-year yield, which is the same measure for a government bond that matures in two years.

The 10-year yield fell on Monday, rose on Tuesday to the week's highest close of 4.95%, then fell on Wednesday and Thursday. Thursday, Nov. 5, was the week's biggest one day move for both maturities: the 10-year fell 6 basis points and the 2-year fell 12. The 10-year's lowest close of the week was 4.84% that day.

On Friday the 10-year rose 2 basis points and the 2-year rose 5. That move came on the day of the Employment Situation release, the monthly count of jobs added, which was scheduled for 8:30 a.m. ET. The gap between the 10-year and 2-year yields stood at 35 basis points at the week's end.

2What it means for rate sheets

Lenders post a rate sheet each day, a list of the mortgage rates they offer. They price those rates mainly from mortgage-backed securities (MBS), which are bundles of home loans sold to investors as bonds. One way to follow MBS is MBB, the iShares MBS ETF, a fund that holds such bonds and trades on an exchange like a share.

MBB closed at $92.07 on Nov. 6, up from $92.05 on Oct. 30, a gain of 0.02% for the week. The highest close of the last 20 sessions was $92.10, so the week did not end at that level.

These are bond market readings and are not a mortgage rate. A borrower's own quote also depends on credit score, down payment, loan type and points, which are fees paid up front to lower the rate.

3What Lock Radar reads today

Lock Radar, a Market Eyes read of bond market conditions, scored 47 on Nov. 9 and carries the label LEAN FLOAT. The label is the tier name that goes with the score. It describes conditions at the time of the read and is not a forecast or an instruction.

Lock Radar also reads three windows: the short window scored 50 with the label LEAN LOCK, the mid window scored 46 with the label LEAN FLOAT, and the long window scored 42 with the label LEAN FLOAT. A lock is a lender's promise to hold a quoted rate for a set period.

4Words in this note

• Basis point: one hundredth of a percentage point.
• Yield: the yearly return a buyer earns on a bond at its current price.
• MBS: mortgage-backed securities, bundles of home loans sold to investors as bonds.
• MBB: the iShares MBS ETF, a fund that holds MBS and trades on an exchange like a share.
• CPI: the consumer price index, the monthly measure of how fast the prices households pay are changing.