Bond rout pushes US mortgages rates past 7%

Surging US Treasury yields (10-year at 5.21%) have pushed mortgage rates above 7%, signaling markets expect sustained inflation and further Fed rate hikes.

• Yields spike: The 10-year US Treasury yield hit 5.21%, levels unseen since before the global financial crisis, per FT's Kate Duguid.
• Mortgages breach 7%: US mortgage rates topped 7% for the first time in two years on Thursday, raising affordability barriers and causing housing-market 'stagnancy' as owners with 2%-era mortgages avoid moving.

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