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Mortgage rates hit highest point since 2023 as Treasury yields rise
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Mortgage rates are at their highest point in nearly three years as turmoil in the bond market continues.
Key facts
- Late Thursday, the average 30-year fixed mortgage rate was 7.54%
- The Nasdaq Composite rose a mere 0.04%, and the Dow traded up by 20 points
- The Personal Consumption Expenditures price index rose 3.4% on a year-ago basis, less than the expected 3.7% rise
- The yield on the 10-year Treasury rose as high as 5.34%
Summary
U.S. Treasury bonds continued selling off Thursday, driving yields on the most closely watched bonds to their highest levels since 2002. The yield on the 10-year Treasury rose as high as 5.34%. As bonds sell off, their yields rise. The surge in the 10-year yield is driving U.S. mortgage interest rates higher, too.