The 10 Year Treasury Yield Just Hit 5%-Here's Why It Matters To You

I want to talk about a number today that probably doesn't mean much to the average American:5%.Today, the yield on the 10-year U.S. Treasury crossed 5%, reaching its highest level since 2007.At the same time, according to Mortgage News Daily, the average top-tier 30-year fixed mortgage climbed to 7.22%.And tomorrow afternoon, the Federal Reserve concludes its two-day meeting, with financial markets overwhelmingly expecting another quarter-point increase in the federal funds rate.Those may sound like three separate stories.They're not.They're all connected.Something has changed in the bond market.Investors are demanding more money to lend money to the United States government.Mortgage rates are moving higher.Borrowing costs are rising.And the Federal Reserve is once again confronting an inflation problem.So today I want to answer two questions:Why are interest rates rising so quickly?And far more importantly:What does this mean for you?Joining me today are Cory Edge of Edge Realty and Dwight Millard of OnQ Home Loans.