Yes, and they often climb together, which is the painful combination for borrowers. A mortgage rate is built as roughly the 10-year Treasury yield plus a spread investors demand for holding mortgage-backed securities instead of Treasuries. Bond-market volatility links the two pieces. When volatility spikes, the 10-year yield tends to rise, and the same uncertainty makes mortgage-backed securities harder to price, since prepayment and rate risk get murkier, so investors widen the spread on top. A higher base and a bigger add-on at the same time. When volatility calms, both tend to reverse and spreads narrow. The MOVE index, which measures expected bond-market volatility, is a common gauge here: falling readings tend to coincide with narrowing spreads, rising readings with widening ones. That double effect is why mortgage rates can rise faster than the 10-year alone would suggest, and why a calmer bond market helps mortgage rates on two fronts rather than one. We watch both pieces, and you can follow the day-to-day result in the Mortgage News Daily rate table, right here on our site at /mnd-rates. None of it lets anyone promise a direction, since volatility itself is the unpredictable part.