10-Year Treasury Yield Falls to 4.98%, Breaking Back Below 5%
As seen on the 24/7 Wall St. homepage on October 31, 2026.
The 10-year slipped back below the 5% line, down 7 basis points to 4.98%, the third straight easing that pulls mortgage rates, bank funding costs and long-duration equity valuations with it.
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The 5% level on the 10-year Treasury has functioned as a closely watched threshold for markets all year, and slipping back below it for the third consecutive session signals that pressure on longer-dated yields is easing. At 4.98%, the yield is down 7 basis points on the day, enough to reprice rate-sensitive assets across the market.
Mortgage rates track the 10-year closely, so a sustained retreat from the 5.29% high seen earlier in this stretch would filter through to borrowing costs for homebuyers and refinancers. Bank funding costs and the rates companies pay on longer-term debt also move in sympathy, meaning relief at the long end of the curve has real-economy implications beyond just the bond market.
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For equity investors, the relevance is sharpest in long-duration assets: growth stocks, utilities, and other rate-sensitive sectors whose valuations are most exposed to discounting at higher rates. When yields were climbing toward and past 5%, those segments faced the stiffest headwinds; the current pullback, if it holds, removes some of that pressure.
Yields climbed from the low 4.4% range earlier in the period all the way to 5.29% before this three-session retreat began. Whether 4.98% marks a durable turn or just a pause within a broader uptrend is the key question investors are watching as this data series updates.