U.S. mortgage rates rose last week to the highest level in a year, curbing demand for home loans in an already subdued housing market. Processing ContentThe contract rate on a 30-year mortgage rose 5 basis points to 6.81% in the week ended July 31, according to Mortgage Bankers Association data released Wednesday. Rates fell to their lowest levels since 2022 toward the end of February, just before the start of the Iran war. Mortgage rates closely track the yield on 10-year Treasury notes. At the end of July, 10-year yields touched their highest level since early 2025.