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U.S. mortgage rates climbed to their highest level in a year, with the average rate on a 30-year fixed mortgage rising to 6.66% for the week ending July 30, according to Freddie Mac's Primary Mortgage Market Survey released Thursday.

The rate marked the highest reading since July 2025 as inflation concerns, Federal Reserve policy expectations and geopolitical tensions continued pushing long-term borrowing costs higher.

Mortgage rates generally track movements in the 10-year U.S. Treasury yield rather than the Federal Reserve's benchmark interest rate. Treasury yields rose after the Fed left its policy rate unchanged on Wednesday, while three members of the Federal Open Market Committee voted for a rate hike, fueling expectations that borrowing costs could increase later this year.

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Data released Thursday by the U.S. Bureau of Economic Analysis showed the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, slowed in June, although inflation remained above the central bank's 2% target.

Federal Reserve Chair Kevin Warsh has repeatedly emphasized the central bank's commitment to restoring price stability. Earlier this month, Warsh said "prices are too high" and warned that households, businesses and financial markets expecting the Fed to tolerate inflation above its 2% target "would be disappointed." Markets continue to price in at least one additional rate increase later this year despite uncertainty over the timing.

Kate Wood, a lending expert at NerdWallet, told CBS News that "there's plenty of concern that inflation's running unchecked," adding that worries over inflation and the conflict involving Iran have pushed Treasury yields higher, dragging mortgage rates up with them.

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Deutsche Bank's expects the Fed to raise interest rates twice this year by a combined 0.50 percentage points, bringing the federal funds rate to between 4% and 4.25%, according to Freddie Mac's report.

Mortgage rates have remained stubbornly elevated throughout July. Last week, Freddie Mac reported the average 30-year fixed mortgage rate had climbed to 6.58%, while HousingWire Lead Analyst Logan Mohtashami said borrowing costs were likely to remain within a 6.5% to 6.75% range as hawkish Federal Reserve messaging and geopolitical uncertainty continued supporting higher Treasury yields. Mortgage Bankers Association data also showed purchase applications declined 7%, highlighting the pressure higher rates continue to place on prospective homebuyers.

Renewed tensions in the Middle East have added another layer of uncertainty. Mortgage rates have drifted higher amid concerns that disruptions to shipping routes could lift oil and fuel prices, increasing inflationary pressures.

Realtor.com Senior Economist Anthony Smith said in an analysis cited by CBS News that oil remains "the primary channel through which the Iran conflict feeds inflation," adding that "a de-escalation in the conflict and the reopening of the Strait of Hormuz remain the clearest path back toward lower rates."

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