New Delhi, Oct. 4 -- The last time a prospective homebuyer in the United States faced a 30-year fixed mortgage rate approaching 7%, George W. Bush was in the White House and the iPhone did not yet exist. That threshold is back within reach this week, driven by a bond rout that has pushed 10-year Treasury yields to their highest level since 2007.

stubbornly above-target inflation, a labor market the September PMI survey put at its fastest expansion since July 2021, and an Iran war premium in crude oil that has kept headline inflation sticky.

The yield closed fractionally below Friday's intraday high after diplomatic sources told Al Jazeera that US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi had reached early progress ...