Treasury yields are off their historic lows of yesterday. The markets rallied on Mario Draghi's proclamation: "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough." Predictably, yields in the US rose a tad as the risk-on trade accelerated.

The new historic low is the 30-year fixed mortgage. The Freddie Mac weekly survey published today puts the average at 3.49%, down four basis points from last week. For some near-term historical context, the average was 4.08% just four months ago.

Here is an updated snapshot of Treasury yields and the 30-year fixed since the onset of Operation Twist.

Here is the weekly data on the 30-year fixed back to May 1976.