Mortgage Closing Costs and Fees Leapt 22% in 2022, Study Shows

The mortgage market was profoundly affected by high interest rates last year, a trend that is likely to continue given this year's rate increases, CFPB director says.

A for sale sign in front of a red brick house.
(Image credit: Getty Images)

 Residential mortgage lending activity declined sharply in 2022 as rates, closing costs and denials for insufficient income surged, a new report shows.

"The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” said Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB). “These trends are likely to continue given further increases in interest rates in 2023.”

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.