Mortgage News

Mortgage News

  • 05/13/22

Adjustable-rate mortgages surge to 14-year high, as homebuyers try to afford this pricey spring market

It could be more listings on the market or perhaps fear that interest rates will move even higher, but homebuyers are showing more demand for mortgages. They are, however, turning even more to adjustable-rate mortgages (ARMs), which offer lower rates. That gives them an advantage as both rates and home prices continue to climb. According to the Mortgage Bankers Association's seasonally adjusted index, mortgage applications to purchase a home rose 5% last week compared with the previous week. Demand was still 8% lower than the same week one year ago, but that annual drop is now shrinking.

Work With Us

Charles King Group has been helping local buyers and sellers just like yourself, locate the finest properties and negotiate the best deals. The team takes great pride in knowing the latest market conditions, government regulations, and upcoming developments — so that you don't have to.