Demand for Adjustable-Rate Mortgages Surge as Rates Push Higher
Mortgage applications for home purchases rose 8 percent over the week ending June 17 compared with the week before, in part because of rising demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s June 22 seasonally adjusted index.
“Purchase applications increased for the second straight week—driven mainly by conventional applications—and the [adjustable-rate mortgage] share of applications jumped back to over 10 percent,” wrote Joel Kan, the association’s associate vice president of economic and industry forecasting.
“The average loan size, at just over $420,000, is well below its $460,000 peak earlier this year and is potentially a sign that home price-growth is moderating.”…
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