The average US contract rate for a 30-year fixed mortgage rose to 6.79% in the week ended August 28, from 6.78% a week earlier, according to the Mortgage Bankers Association. Rates remain close to one-year highs reached in late July after higher Treasury yields, renewed Middle East tensions and inflation concerns, alongside hawkish comments from Federal Reserve Chair Kevin Warsh that reinforced expectations for a September rate hike. Mortgage rates have climbed nearly 70 basis points since the United States and Israel began strikes against Iran in late February. Total mortgage applications increased 0.8%, with purchase applications rising 2.2%, while refinancing applications fell 1.1%.