Bond yields, at a glance
These examples show government, state/local municipal, corporate and mortgage bonds. The 10-year Treasury is the key mortgage comparison because many 30-year loans are paid off or refinanced in roughly seven to ten years.
| Bond or rate | Yield / rate |
|---|---|
| 1-month Treasury bill | 4.04% |
| 3-month Treasury bill | 4.24% |
| 6-month Treasury bill | 4.33% |
| 1-year Treasury | 4.50% |
| 2-year Treasury | 4.81% |
| 5-year Treasury | 4.98% |
| 10-year Treasury | 5.17% |
| 20-year Treasury | 5.54% |
| 30-year Treasury | 5.49% |
| 10-year AAA municipal bond (state/local, generally federal tax-free) | 3.72% |
| 30-year AAA municipal bond | 4.87% |
| AAA corporate bond index | 5.70% |
| BBB corporate bond index | 6.08% |
| BB high-yield corporate bond index | 6.64% |
| B high-yield corporate bond index | 7.87% |
| Fannie Mae 30-year mortgage bond (MBS) current coupon | 6.10% |
| Ginnie Mae 30-year MBS current coupon | 6.05% |
| 30-year fixed mortgage index (borrower rate) | 7.43% |
Treasuries: September 25, 2026. AAA municipal bonds and MBS current coupons: September 21, 2026. Corporate index yields: September 24, 2026. Mortgage News Daily rate index: September 25, 2026. These different dates and instruments are comparisons, not directly interchangeable investments.
The spread between the 10-year and mortgage rates
The spread is simply the mortgage rate minus the 10-year Treasury yield. It reflects mortgage-bond investor costs and risks, plus the costs and margins between the bond market and a borrower’s loan.
5.17% Treasury + 1.70 points = ~6.87%
5.17% Treasury + 2.26 points = 7.43%
Mortgage payment calculator
Enter a home price and down payment to see estimated principal and interest. Tap either spread example to compare the monthly payment using the same 10-year Treasury yield.
- Loan amount
- $320,000.00
- Total interest over selected term
- $479,980.50
Estimate excludes property taxes, homeowners insurance, mortgage insurance, HOA dues and closing costs. The two preset rates are market illustrations, not loan offers.
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