The Mortgage Bankers Association reported on the 29th that the weekly average rate for a 30-year fixed mortgage rose to 6.76%, up 7 basis points from the previous week, approaching its highest level in about a year. The increase was driven by rising crude oil prices amid renewed US-Iran hostilities and higher inflation-sensitive US Treasury yields. The 15-year fixed mortgage rate climbed 11 basis points to 6.15%, its highest in over a year, while the 5-year adjustable-rate mortgage edged up to 5.98%. With expectations growing for further Federal Reserve rate hikes, mortgage rates are unlikely to decline soon, and refinance applications fell 10%, noted Joel Kan, MBA's deputy chief economist.