Thanks. I did not realize that.
No sweat - FWIW?
The tie to the 10 year isn’t a hard and fast rule, but it’s actually a pretty straight-forward and inherently logical thing.
I.e., The overwhelming majority of mortgages are 30 year (something like 90%) BUT, the average “life” of a mortgage? Lots of factors - but it has historically run in the 5 to 8 year range. Currently, I think it’s around 7 years. Meaning - most people either sell (or refinance) around 7 years into a 30 year.
Hence, mortgage lenders aren’t looking to do any favors - they lend predicated on expectations for other uses for the money.
As a consequence? Welp - what (relatively) secure other asset could I put the money in? The 10 yr treasury is simply the best benchmark to use as the alternative “I - the lender - need to make more than this”