US 30-Year Mortgage Rates Rise to One-Year High

Odaily News U.S. mortgage rates rose to their highest level in a year last week, further suppressing home purchase loan demand in an already sluggish housing market. Data released on Wednesday showed that for the week ending July 31, the average rate on a 30-year fixed mortgage climbed 5 basis points to 6.81%. Rates had fallen to their lowest level since 2022 in late February, just before the outbreak of the Iran war. Since then, rates have continued to climb as the conflict pushed up energy prices and intensified inflation concerns. The change has resulted in weaker loan demand. The MBA's purchase index, which measures mortgage loan applications, fell 3.6% from the previous week to its lowest level in five months; the refinance index also slipped 1.9% to its lowest point since mid-2025. (Jin Shi)