What Spiraling Treasury Yields Mean for Millions of Mortgages

Bond yields spiked this week on the back of lingering concerns over inflation and America's fiscal health.

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Interest rates on U.S. government bonds can affect everything from auto and student loans to mortgages.

The yield on the 30-year Treasury bond touched 5.323% on Tuesday, its highest level since 2007, as inflation and Middle East tensions weigh on bond markets

Long-term government bond yields have risen sharply in recent days. Higher bond yields push consumer borrowing costs up, sometimes immediately.