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.

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