U.S. mortgage interest rates climbed to their highest level in more than a year last week, and the already sluggish real estate market experienced another setback. According to data released by the American Mortgage Bankers Association on Wednesday, interest rates on 30-year fixed mortgage contracts rose 12 basis points to 6.97% in the week ending September 11, the highest since May 2025. In February of this year, on the eve of the war in Iran, mortgage interest rates fell to their lowest point since 2022. Since then, interest rates have risen markedly, in part because rising energy prices have heightened concerns about inflation.

U.S. mortgage interest rates climbed to their highest level in more than a year last week, and the already sluggish real estate market experienced another setback. According to data released by the American Mortgage Bankers Association on Wednesday, interest rates on 30-year fixed mortgage contracts rose 12 basis points to 6.97% in the week ending September 11, the highest since May 2025. In February of this year, on the eve of the war in Iran, mortgage interest rates fell to their lowest point since 2022. Since then, interest rates have risen markedly, in part because rising energy prices have heightened concerns about inflation.