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Mortgage rates rise as 10-year Treasury yield climbs to 4.74%

The 10-year yield hit a yearly high of 4.74%, and mortgage rates increased to 6.83% after Fed hawks signaled support for multiple rate hikes amid elevated inflation risks from oil above $84.

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HousingWire reports that the 10-year Treasury yield climbed to a yearly high of 4.74% as Fed officials signaled support for multiple rate hikes.

As those expectations shifted, mortgage rates rose six basis points to 6.83%, with the move tied to concerns that higher rates could help contain inflation.

HousingWire also points to geopolitical risk, including Iran-related developments, as well as oil trading above $84, both of which it says added to inflation worries.

The article cites hawkish comments from Fed officials including Hammack, Kashkari, and Logan, who argued that policy is not restrictive enough and that tightening may need to come through a series of moves rather than a single action.

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