10-year Treasury nears 5.15%, a level last seen in 2001. Your mortgage broker would like a moment of silence.

The bond market is flashing red, CBS News reports. The 30-year Treasury yield hit 5.44% Wednesday, its highest since 2004, and the 10-year, which mortgage rates track, briefly neared 5.15% Thursday, a level last seen in 2001. The average 30-year mortgage has topped 7%, the highest in almost two years. The drivers: August inflation at 3.4%, oil pushed up by the Iran war, a hot economy, and a weak 5-year note auction that forced Washington to offer higher yields to find buyers. Futures traders see a 70% chance of another Fed hike in October, per CME FedWatch. Kitchen-table translation: higher yields hit anyone buying a house, financing a truck or carrying a card balance. And when Uncle Sam has to sweeten the deal to sell his own IOUs, that's a store with too much debt on the books. Both parties ran up that tab. Savers, at least, can find accounts paying above 4%. Shop around.