The average contract rate for a 30-year fixed mortgage in the US edged up to 6.79% in the week ended August 28, from 6.78% the previous week, remaining close to the one-year highs reached in late July, according to the Mortgage Bankers Association. The increase followed a rise in Treasury yields as renewed Middle East tensions stoked inflation concerns, while hawkish comments from Federal Reserve Chair Kevin Warsh reinforced expectations for a September rate hike. Mortgage rates have climbed nearly 70bp since the US and Israel began strikes against Iran in late February. Total mortgage applications rose 0.8%, rebounding after two consecutive weekly declines, with purchase applications up 2.2%. Refinancing applications, however, fell 1.1%.