US mortgage rates climbed for the first time in four weeks, halting an early-year upswing in home purchase and refinancing activity.
The contract rate on a 30-year mortgage rose 8 basis points to 6.24% in the week ended Jan. 23, according to Mortgage Bankers Association data released Wednesday. In the previous week, home-financing costs slid to the lowest since September 2024.
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The group's index of mortgage applications for home purchases eased 0.4% last week from a three-year high. Refinancing applications slumped 15.7%, the first drop this year.
The decline in activity indicates potential homebuyers remain sensitive to changes in mortgage rates as affordability constraints persist. Home-financing costs are tied to movements in the US Treasury market, and the yield on the 10-year note jumped earlier in the week amid a rout in Japanese bonds and geopolitical concerns.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.
