Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10% compared to one week ago. The MBA said that last week’s jump in mortgage rates may have actually increased homebuying demand, as consumers
Demand for adjustable rate mortgages doubles
May 1, 2022 by
Demand for adjustable-rate mortgages is soaring. The share of mortgage applications with ARMs more than doubled last week compared to three months ago, according to a report by the Mortgage Bankers Association. Unlike the more popular fixed-rate mortgage, ARMs start at one rate and then fluctuate after a set period of time. Buyers can lock
