Interest rates on US mortgages have risen to a 12-month high as US Treasury yields have risen in recent weeks, and the war in Iran continues to raise market concerns about rising inflation. Freddie Mac issued a statement on Thursday saying that the average interest rate on a 30-year fixed-rate mortgage rose to 6.66% from 6.58% the previous week. This is the highest level since July 31, 2025, when it was 6.72%. In recent months, high borrowing costs have continued to drag down the real estate market. Interest rates on 30-year mortgages fell below 6% at the end of February, but then the conflict in the Middle East boosted energy prices and led to a recovery in interest rates. As a result of this war, the spring property market's sales performance fell short of expectations, and the real estate market continued to weaken. Real estate agency Redfin data shows that in the four weeks ending July 26, the number of housing contracts dropped to the lowest level since the beginning of April.

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