US mortgage rates have increased to their highest point in nearly a year, as renewed tensions in the Middle East have once again stoked inflation concerns.

Freddie Mac stated on Thursday that the average rate for a 30-year fixed-rate mortgage is 6.55%, up from 6.49% the previous week. This latest rate marks the highest level seen since late August.

Mortgage rates have risen for the second consecutive week, tracking the upward movement in US Treasury yields. This increase followed the breakdown of a provisional peace agreement between the United States and Iran, which pushed bond yields higher.

The conflict has weighed on the housing market. Since the outbreak of hostilities in late February, mortgage rates have climbed by more than half a percentage point. According to Redfin, there were nearly 500,000 more sellers than buyers in June, and homes are staying on the market for longer periods. Despite this, the median sales price for homes in June reached a record high, supported by high-income buyers.

"There is a cohort of high-income buyers purchasing million-dollar-plus homes," said Chen Zhao, head of economic research at Redfin. "However, with mortgage rates holding around 6.5%, the monthly payment burden is substantial, leaving many first-time homebuyers and typical move-up buyers priced out of the market."