BREAKING: The US 30Y Note Yield rises to 5.53%, its highest level since June 2004.
That's +25 basis points in 3 days as the bond market continues to drop sharply.
We expect US mortgage rates above 7.50% today.
It's official.
As the bond market "meltdown" accelerates, the average interest rate on a 30Y mortgage in the US is up to 7.45%.
That's up +150 basis points in 6 months and the highest since 2023, when inflation was at 6.4%+.
What is happening? Let us explain.
(a thread)