So if it went up even a full point, the rate would still be less than just a few years ago.
He said an increase of a full percentage point would have some effect.
Earlier in the day the price had been off a full point, with the yield up to 6.93 percent.
At 57.6% it was a full 21 points over the old standard, which used to be considered impossible.
"It tells you a lot when the market comes down over a full point off its high for the day," he said.
But if the adjustment is difficult, the cost could be a full point or more, he said.
By that figure, rates are up a full percentage point over the last year or so.
The current level, however, is still nearly a full percentage point below what it was, 8.14 percent, at the start of 1993.
That is more than a full percentage point below the national average.
The price of the 30-year bond was up almost a full point on Monday.