Mortgage rates increased in August as Treasury yields remained elevated amid persistent inflation concerns. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.67% in August, up 13 basis points (bps) over July. Since the conflict in the Middle East began, the 30-year mortgage rate has jumped by more than 60 bps. The average 15-year rate averaged 5.98% in July, up 7 bps from July and 55 bps from the end of February. Mortgage rates are now roughly on par with their levels a year ago, with the 30-year rate 6 bps higher and the 15-year rate 24 bps higher. The 10-year Treasury yield, a key benchmark for long-term borrowing, rose 10 bps to an average of 4.68% in August, Yields rose in the later part of the month amid a broader selloff in global government bonds.