Interest rates on US mortgages rose to their highest level in more than a year last week, and have continued to rise steadily since the outbreak of the war in Iran at the end of February. According to data released by the American Mortgage Bankers Association on Wednesday, contract interest rates for 30-year mortgages rose 6 basis points to 6.85% in the week ending September 4. However, interest rates on mortgages that were fixed for the first five years and adjustable thereafter fell to 6.13%.

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