Stocks dropped and borrowing costs jumped to levels not seen in 24 years — bad for borrowers, homebuyers, and investors alike.

• The Dow fell sharply as government bond yields hit their highest point in 24 years.
• Mortgage rates jumped to their highest since 2023, and 8% looks days away.
• Inflation is rising and the Middle East war shows no sign of ending, keeping pressure on rates.
• A US blockade of Iranian ports has turned the Strait of Hormuz into a standoff, with ships caught between US Navy warnings and Iranian orders, and some commercial vessels hit and crews calling for help.
• Oversight is loosening at the same time: regulators are easing up on consumer protection, and a never-expiring oil betting contract has been filed with the CFTC.

Outlook: With rates climbing and the Iran blockade unresolved, home loans get more expensive and shipping risk in the Gulf stays high.