WASHINGTON — US single-family homebuilding increased in August, but a drop in permits for future construction suggested the improvement was likely temporary as rising inflation ‌because of the war in the Middle East boosts mortgage rates. Single-family housing starts, ‌which account for the bulk of homebuilding, jumped 7.6% to a seasonally adjusted annual rate of 918,000 units last ​month, the Census Bureau said. They rose 5.2% on a year-over-year basis in August. Single-family building permits fell 1.8% to a rate of 878,000 units in August. They increased 1.3% on a year-over-year basis. Mortgage rates have surged, tracking longer-term US Treasury yields as the US-Israeli war ‌with Iran drove oil prices above $100 ⁠a barrel. Bond yields have also risen. The yield on ⁠the benchmark 10-year Treasury note is hovering around 5.0%. …The average rate on a 30-year fixed-rate mortgage was 6.76% last week, the highest level in more than a year.

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