US 30-Year Fixed Mortgage Rate Climbs to Six-Week High

US mortgage rates climbed to a six-week high as 2022 drew to a close, resulting in a sharp decline in home-purchase applications.

(Bloomberg) — US mortgage rates climbed to a six-week high as 2022 drew to a close, resulting in a sharp decline in home-purchase applications.

The contract rate on a 30-year fixed mortgage increased to 6.58% in the week ended Dec. 30 from 6.42%, according to Mortgage Bankers Association data released Wednesday.

After declining through most of November, the rate started to pick up again last month.

The group’s index of mortgage applications for home purchases slid 12% last week to the lowest level since the start of 2015. While the data are seasonally adjusted, they are nonetheless volatile around the holidays. Refinancing also dropped.

–With assistance from Alex Tanzi.

More stories like this are available on bloomberg.com