U.S. 30-year Treasury yield hits 5.70%, highest since 2002

The U.S. 30-year Treasury yield climbed to 5.70%, its highest level since 2002. That pushed the 30-year mortgage rate to 7.49%, tightening financing across housing and credit markets as inflation concerns and heavy government borrowing kept pressure on long-term debt.

The Treasury still sold $22 billion of 30-year bonds, but buyers demanded a 5.618% high yield. That was the maturity’s highest auction clearing yield since August 2000. Fed minutes also showed most officials expected another rate hike by year-end.