Mortgage rates surged past 7% as the 10-year Treasury yield hit multi-year highs, pressured by rising oil prices and persistent inflation fears.
The 10-year Treasury yield surged 8 basis points to over 4.9%, reaching multi-year highs, as bond selloff intensified.
Oil prices crossed $100 a barrel amid escalating US-Iran tensions, driving inflation fears and bond market selloff.
Higher Treasury yields and inflation concerns may strengthen the US dollar.
Mortgage rates have climbed above 7% for the first time in over a year, driven by a sharp selloff in the bond market. The 10-year Treasury yield surged 8 basis points to exceed 4.9%, fueled by rising oil prices and inflation concerns. Escalating geopolitical tensions between the US and Iran, alongside fiscal policy uncertainty, continue to exert upward pressure on borrowing costs.
Mortgage rates are tracking the 10-year Treasury yield, which is rising due to inflation fears, higher oil prices, and market uncertainty regarding fiscal policy, rendering Treasury buyback efforts largely ineffective.