10-year treasury yield at highest level since 2002

(CNN)– A key U.S. Treasury yield has climbed to its highest level in more than two decades.

The yield on the benchmark 10-year treasury has hit 5.34%, its highest since 2002 as investors continue selling government bonds.

The selloff is helping push borrowing costs higher.

Mortgage and auto loan rates are tied closely to the bond market, and the rate on a 30-year home loan recently topped 7%.

Investors are reportedly reacting to stubborn inflation, strong economic growth, and expectations that the federal reserve could continue raising interest rates.