Mortgage rates just shattered 7% and the 10-year Treasury yield hit its highest point since July 2007 — and if that date rings a bell, it should.

That was the eve of the Great Recession, the last time the Federal Reserve's rate-hiking crusade helped detonate a housing market that working Americans were told was their ticket to the middle class. The names and the numbers have changed. The playbook hasn't.

The Mortgage Bankers Association reported the 30-year fixed rate climbed to 7.12%, up nearly a full percentage point this year alone, according to Business Insider. The 10-year Treasury yield surged to 5.079%, levels not seen since months before the 2008 crisis, Breitbart reported. The 2-year yield, most sensitive to Fed policy, hit 4.876%.

Fed Governor Michael Barr made it clear Wednesday this isn't stopping. "Further policy adjustments are likely to be needed" to drag inflation back to the Fed's 2% target, he said, adding that "risks to achieving our inflation target have increased, while risks to the labor market have receded." Translation: the Fed is willing to sacrifice your job to protect its inflation-fighting credentials.

Investors now price a 53% chance of two more rate hikes before year-end, up from 37% last week, per the CME FedWatch tool. That's more hawkish than the Fed itself projected — meaning the market thinks the central bank will have to hit the economy harder than it's admitting.

Business Insider framed the story around markets being "rattled" and bond yields crossing "psychological thresholds." Breitbart kept it to the numbers. Neither outlet touched the real story: who pays and who profits.

Here it is. When rates climb, the spread between what banks pay for capital and what they charge you widens. Your mortgage payment jumps hundreds of dollars a month. The same financial institutions that got bailed out in 2008 collect fatter margins on the backs of families who now can't afford a home. Business Insider noted that 7% mortgage rates "could further weaken demand from buyers already discouraged by high prices" — a polite way of saying the American dream of homeownership is being priced out of existence.

Meanwhile, the economy keeps expanding. S&P Global's composite PMI hit 58.4, the highest since July 2021, and its manufacturing PMI rose to 57. Inflation pressures "intensified" in September on fuel and transport costs. Oil hit $101 a barrel. The Fed's rate hikes aren't stopping any of it — they're just making it more expensive for you to live through it.

Both parties own this mess. Republicans and Democrats alike greenlit the COVID spending spree that fueled inflation, then confirmed the Fed officials now hiking rates to "fix" it. The bipartisan establishment printed the money, inflated your costs, and now charges you more to borrow what you need to survive.

In 2007, bond yields at these levels were the warning siren before the crash. Nobody in power listened then. Nobody is listening now. The question isn't whether the Fed's hikes will break something. The question is which working Americans will be left holding the bag when they do.