"Yield Spike: Impact on Mortgage Rates, Stocks, and Inflation"

Treasury yields spiked, with the 3-year yield jumping 25 basis points to 4.77%, and the 10-year Treasury notes were sold at a yield of 4.56%, up by 21 basis points from before the CPI report. The 10-year yield rose by 19 basis points to 4.55%, the highest since mid-November, reflecting a shift in longer-term inflation scenarios. Additionally, the average 30-year fixed mortgage rate spiked to 7.34%, the highest since November 20, causing potential buyers to hesitate and potential sellers to reminisce about lower rates in 2022.