Mortgage interest rates in the US rose to their highest level in a year last week, further curbing the demand for housing loans in the already sluggish real estate market. According to data released by the American Mortgage Bankers Association on Wednesday, interest rates on 30-year mortgage contracts rose 5 basis points to 6.81% in the week ending July 31. At the end of February, before the war in Iran broke out, mortgage interest rates fell to their lowest level since 2022. Since then, mortgage interest rates have continued to rise as the conflict boosted energy prices and raised concerns about inflation. Higher interest rates have weakened demand for loans. The Association's home purchase mortgage application index fell 3.6% from the previous week, hitting a five-month low. The index of refinancing applications fell 1.9% to its lowest level since mid-2025. The American Mortgage Bankers Association's survey has been conducted weekly since 1990 and is based on feedback from mortgage bankers, commercial banks, and savings institutions. This data covers more than 75% of all retail residential mortgage applications in the US.

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