Pending home sales dropped sharply in December as mortgage rates climbed. The average rate on the 30-year fixed mortgage went from a low of 6.68% on Dec. 6 to a high of 7.14% on Dec. 19. Pending sales fell in all regions,

Pending home sales in December decreased 5.5%. Compared to one month ago, pending sales declined in all four U.S. regions, with the West recording the largest drop. Year-over-year, contract signings retreated in all four U.S. regions, with the Midwest showing the biggest reduction.

Contracts to buy U.S. previously owned homes fell in December to snap a four-month streak of increases, with particularly sharp declines in the pricier Northeast and West regions as higher mortgage interest rates dented affordability.

The Pending Homes Sales Index drifted down 5.5% M/M to 74.2, the 0.0% consensus and +1.6% in November (revised down from +2.2%), according to data released by the National Association of Realtors. More on the U.

After reporting four straight monthly increases by U.S. pending home sales, the National Association of Realtors released a report on