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(Bloomberg) -- US mortgage rates climbed to an almost six-month high during the Christmas holiday week, suppressing applications for home purchases and severely undercutting refinancing activity.Most Read from BloombergDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesA Commuting Resolution for 2025: Ride Your Local Subway or BusThe contract rate on a 30-year mortgage advanced 8 basis points to 6.97% in the period ended Dec. 27 after risi

Housing contract activity picked up for the fourth straight month in November as buyers shrugged off elevated mortgage rates and took advantage of higher inventory levels.

Worries about a nuclear escalation to the Russia-Ukraine war rattled markets, stealing focus from Nvidia and Walmart earnings.

Lowe's will provide millions of dollars in funds to small businesses in its home state of North Carolina that are struggling to recover in the wake of Hurricane Helene.

Balances on home equity lines of credit have risen along with home equity loans. Popular reasons for borrowing include home renovations and repairs and debt consolidation.

The average rates for both 30- and 15-year fixed mortgages continued to decline this week, but still remain too elevated to spark significant movement in the housing market.

Further declines could encourage more activity from buyers and sellers.