Bond yields are spiking to levels not seen in 24 years, and that is bad news for anyone who needs to borrow — especially homebuyers.

• The 10-year Treasury yield pushed above 5.3%, the highest in 24 years, and the 30-year note hit a fresh high too.
• The average 30-year mortgage jumped to 7.6%, up more than 1.6 points in seven months, with 8% looking days away.
• Gas is above $4.40 a gallon and Brent crude is near $100, swinging wildly as the Iran conflict drags on.
• Diesel prices are near record highs, which is a bigger threat to the economy than gasoline, and Trump is floating a diesel export ban.
• The Trump administration is sending $500 refunds to more than 950,000 Obamacare enrollees, mostly higher earners — small comfort against rising borrowing costs.

Also in the news: the US closed its last military base in Iraq after 23 years and $1.7 trillion, while Trump says the Iran standoff will end "one way or the other" soon. On a Dubai–Tel Aviv flight, a co-pilot stabbed the captain and pushed the plane into a 15,000-foot dive before passengers stormed the cockpit and tied him up with headphone wires; the plane landed safely in Saudi Arabia with four Americans aboard. US lawmakers are also pressing Israel over settler violence in the West Bank as strikes continue in Gaza.

Outlook: Mortgage rates look set to cross 8% within days, and double-digit rates are no longer unthinkable if yields keep climbing.