"Surging Mortgage Rates Reach 22-Year High, Threaten Eight Percent Mark"

Mortgage rates have reached a 22-year high, with some lenders offering rates over 7.7% for top-tier conventional 30-year fixed scenarios. Job openings data came in higher than expected, casting doubt on the decline in job openings. Goldman Sachs has revised its forecast, now predicting rates of 7.1% for year-end 2023 and 6.8% for year-end 2024. The sentiment towards bonds has changed, leading to a selloff, as market participants believe the strong economic data will force the Federal Reserve to hike rates. Concerns over budget deficits and the political system's polarization also contribute to the change in sentiment.