Mortgage rates hit highest level in nearly a year

(CNN)– Mortgage rates have hit their highest level in nearly a year.

This week the average rate on a 30-year fixed mortgage climbed to 6.55%.

It comes as renewed strikes in Iran rattled financial markets.

The elevated mortgage rates all but extinguishes the optimism that defined the start of the Spring home-buying season.

According to a report from the National Association of Realtors released on Thursday, July 15, pending home sales in June fell by 5.4% month-over-month.