Bond yields have fallen in last 3 weeks. Yet my bank is charging me the same mortgage rate as 3 wks back. Why?

Answer 1

Did you lock your rate 3 weeks ago? If so, that's what happens, you protect it from changing in either direction.

Yields fell to close to 5.00% today. It's been about a month since it's been below 5.00%.

The mortgage-backed securities closely follow the 10 year Treasury bond, but they aren't pegged directly. The mortgage market has had it's own problems the past few weeks, possibly limiting demand for their securities and pushing a higher spread.