Impact of Interest Rate Increase on YTM

A fixed income analyst is evaluating a corporate bond that has a face value of $1,000, an annual coupon rate of 7%, and matures in 5 years. The bond is currently trading at $1,030. The analyst is interested in calculating the Yield to Maturity (YTM) of the bond to assess its attractiveness compared to other investment opportunities. Given the bond's trading price, coupon payments, and maturity, what is the likely impact on the bond's YTM if the market interest rates increase by 1%?