US mortgage rates hit highest level in nearly year

Average US mortgage rates climbed for a fourth consecutive week, reaching their highest level since August 2025, according to the Mortgage Bankers Association (MBA).

It said the average interest rate on a 30-year fixed-rate mortgage for home loans of up to $806,500 rose to 6.76% in the week ending July 24, up from 6.69% a week earlier, Caliber.Az reports, citing Russian media.

Mortgage rates increased by 7 basis points, tracking higher U.S. Treasury yields amid concerns over renewed escalation in the Middle East.

Analysts warn that rising oil prices fueled by the conflict could prompt the Federal Reserve to raise interest rates, with investors now pricing in a more than 90% chance of a rate hike by the end of the year.

Mortgage applications fell 6.4% from the previous week.

Applications for new home loans declined 3.6%, while refinancing applications dropped 9.9%.

By Bakhtiyar Abbasov