Markets pushed the 10-year yield up from 4.53% to 4.58% after Christopher Waller warned supply disruptions may continue.

Mortgage rates reached 6.75% as the 10-year yield hit 4.68%, with Iran, spreads, and Fed signals driving moves.

MBA veri show mortgage applications fell 2.3% as the 30-year fixed rate rose to 6.56% and the purchase index dropped 4%.

As inflation runs hotter and the 10-year yield hits a yearly high, improved spreads help keep rates under 6.64% and demand steady.

Mortgage applications rose 1.7% in MBA’s weekly survey as purchase demand climbed 4% and the 30-year fixed rate increased to 6.46%.

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