Mortgage rates reached their highest level since late 2023 as Treasury yields surged to 22-year highs, driven primarily by inflation stemming from wars in Iran and Ukraine that have pushed energy prices sharply higher. The 10-year Treasury yield rose to 5.34% and the 30-year mortgage rate climbed to 7.6%, while diesel prices spiked 70% since February, raising concerns about broader price pressures across shipping and farming sectors.