EconomyMortgage rates top 7% as higher borrowing costs hit consumers | Morning Bid

A global bond selloff has pushed U.S. 30-year yields to their highest level in more than two decades, sending mortgage rates above 7% and putting borrowers under pressure. Reports of a phased U.S.-Iran agreement offer hope that the Strait of Hormuz may reopen, but oil markets remain cautious and any relief is unlikely to arrive quickly.