US 30-year Treasury yield hits highest since 2002
Source: FT World ↗ (cross-verified by 3 outlets — full list below)
Government debt extends decline as inflation and surging oil prices weigh on market Rolling coverage of the latest economic and financial news Newsflash: the number of mortgages approved by UK lenders has fallen to its lowest level since the end of 2023.Just 54,918 new home loans were approved in August on a seasonally-adjusted basis, new Bank of England data shows, as rising borrowing costs deterred potential home buyers.
The average 2-year fixed residential mortgage rate today is 5.93%. This is up from 5.91% the previous working day.
The average 5-year fixed residential mortgage Yields on the US Treasury’s longest-dated bond rose for a sixth straight day, crossing another key threshold amid a deepening selloff across global debt markets.
⚡ Effects Interpreter
🌍World Economylow impact
What this means for you
- ▶Changes at the top may reshape trade deals and diplomatic ties.
- ▶International partners may recalibrate after moves like this.
🏙️Local Economymedium impact
What this means for you
- ▶The pinch, if any, tends to show up first at the till.
- ▶High street footfall and spending can shift subtly after a story like this.
🏦Rates & Bankslow impact
What this means for you
- ▶Rate-setters tend to wait for calm before acting.
- ▶Mortgage lenders might pause new offers until the political dust settles.
❤️Healthlow impact
What this means for you
- ▶Stress levels in affected communities might tick up before they settle.
- ▶Looking after mental health is worth it when headlines feel heavy.
💷Wealthlow impact
What this means for you
- ▶Portfolios built for the long haul rarely need a rethink over one headline.
- ▶Your pension or investments might sway a touch as markets digest this.
🏠Housingmedium impact
What this means for you
- ▶Property values usually need more than one headline to really move.
- ▶Landlords and tenants alike rarely feel sudden shifts from this kind of news.
🌍 Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone — the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone — the real impact in the UAE depends more on local healthcare capacity than the figures above.