Often it doesn't feel like good news when a U.S. economic indicator matches a level last seen in 2007. But 10-year Treasury notes offering the highest yield since that year could be good news for investors looking to buy bonds.

Elevated inflation, especially higher oil prices, combined with expectations that the Federal Reserve will hike rates at least one more time this year, helped drive the 10-year Treasury yield to 5.208% on Thursday — the highest it's been since June 2007, before the global financial crisis. Yields remained elevated on Friday.

Higher long-term bond yields are often seen as a headwind for the stock market because they correlate with higher borrowing costs for consumers and companies, which can then slow down the overall economy. They can be especially bad news for consumers looking to take out a mortgage or other loan.

"As the 10-year yield goes up, borrowing costs for mortgages also go up almost in lockstep with it," says Dominic J. Pappalardo, chief multi-asset strategist at Morningstar Wealth. "Things like auto loans are also impacted. Really, kind of any consumer financing or borrowing rates are pretty closely linked to the 10-year Treasury yield."

On the flip side, rising Treasury yields do present an opportunity for bond investors.

"Higher interest rates benefit savers and investors just as much as they're harming spenders," Pappalardo says. "If you have money in savings or money to invest as interest rates go up, you are being paid a higher interest rate or generating more income from your savings and investments because of the yields moving up."

"Real yields" on Treasury notes, which measure yields after adjusting for expected inflation, have risen on net since February, around the time the war with Iran began and oil prices jumped. Investors can benefit from higher yields on longer-term bonds in particular, because they may be able to lock in higher rates for longer. Long-term Treasury yields are determined in the public bond market, which typically responds to higher inflation expectations, among other factors.

"Because of that, there's potentially a really strong opportunity to lock in very attractive levels," says Steve Laipply, global co-head of iShares Fixed Income ETFs for BlackRock. "We refer to it as a generational income opportunity."

Financial and investing professionals caution against making any major money moves based on short-term market conditions. Buying bonds because they look good right now may not be the best move for every investor. It's a good idea to work with a professional to see what makes sense for your individual financial situation.