Market interest rates have risen over the past few months and the 10-year Treasury, often a benchmark for borrowing costs, is now yielding 4.45% – up from 3.6% in mid-September. Mortgage rates have risen about a percentage point to an average of 7% now from early September.

U.S. wholesale prices rose a bit faster in October and suggested the battle by the Federal Reserve to reduce inflation to low prepandemic levels may last awhile.