Here’s why interest rates are soaring for mortgages, credit cards
The lesser-known reason why borrowers are paying more than they have in years. Mortgage rates stand at their highest level in more than two decades. The average rate for credit card holders tops anything on record at the Federal Reserve. Car loans have returned to 2008 levels, car research group Edmunds found. Pain-inducing interest rates for just about any loan, experts said, trace to an underlying trend: Rapidly rising U.S. government bond yields. The yield on a 10-year Treasury bond, or the amount paid to a bondholder annually, stands at about 4.6%, marking nearly a percentage-point jump since June. "Everything is built up from the Treasury bond yields," Marti Subrahmanyam, a professor of finance and business at New York University, told ABC News. MORE: Israel-Hamas war causes spike in oil prices. Here’s what it means for gas costs, inflation Here's what to know about rising bond yields and what they mean for the finances of average Americans: Why have bond yields rise...