Treasury Yields Fluctuate
Published October 24, 2025
Treasury yields decreased early in the week as the blackout on most federal economic reports left investors to parse the release on existing home sales. Treasury yields trended higher later in the week as investors waited for the rescheduled consumer price index data.
On Thursday, the National Association of Realtors (NAR) released their monthly report on sales of existing single-family homes. The report revealed a 1.5% increase in the sales of existing homes, reaching 4.06 million homes in September. This marked the highest level in seven months but came in slightly below analysts’ expectations of 4.1 million sales. On a year-over-year basis, existing home sales increased 4.1%.
"As anticipated, falling mortgage rates are lifting home sales," said chief economist at NAR, Dr. Lawrence Yun. "Improving housing affordability is also contributing to the increase in sales. Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales. Home prices continue to rise in most parts of the country, further contributing to overall household wealth."
The benchmark 10-year Treasury note yield opened the week of October 20 at 4.01% and traded as low as 3.94% on Wednesday. The 30-year Treasury bond opened the week at 4.61% and traded as low as 4.52% on Wednesday.
On Friday, the U.S. Bureau of Labor Statistics announced that the consumer price index (CPI), which measures the cost of dozens of everyday consumer goods, increased 0.3% in September, lower than economists’ forecast of 0.4%. The CPI year-over-year came in at 3.0%, an increase from 2.9% in August. The September CPI was scheduled to be released October 15 but was delayed due to limited government operations. The annual inflation rate was slightly below economists’ projections of 3.1% but is the highest rate since January.
“This report will clearly keep the Fed on track to cut rates,” said chief market strategist at B. Riley Wealth, Art Hogan. “The Fed has been clear that they are more focused on the softening labor data and will continue to defend their full employment mandate, even with core CPI well above their 2% target.”
The 10-year Treasury note yield finished the week of 10/20 at 4.02%, while the 30-year Treasury note yield finished the week at 4.60%.

