How low will stocks and bond yields go? There is no way to know. We are setting a new record low again today in the benchmark 10-year Treasury Note yield. While yields have dropped considerably, mortgage rates have not moved as quickly. That is because even though rates do track bond yields in direction, they often move at a slower pace than government securities. Rates are actually priced off of Mortgage Backed Securities (MBS), which are more complex securities than the 10-year Treasury Note that we quote here. Treasury yields are also more accessible to the general public. The good news is that when yields tend to track upward, mortgage rates often lag behind then also. It will be interesting to see what the immediate future brings for the markets and mortgage pricing, but it is safe to say that the volatility is not over yet, especially as we get more and more news of the virus spreading.