Treasury Yield

When the US government needs to borrow, it sells Treasury bonds, and the yield is the effective interest rate those bonds pay investors. Because US government debt is treated as one of the safest assets on Earth, Treasury yields act as a baseline for borrowing costs across the whole economy, including mortgage rates, which move roughly in step with the ten-year yield. When you hear "the ten-year is up," that's this: investors are demanding a higher return to hold that debt, and it usually ripples out into everyday borrowing costs within weeks.