Uncategorized April 29, 2022

“Adjustable-rate mortgage demand doubles as interest rates hit the highest since 2009”

Diana Olick, CNBC Senior Climate and Real Estate Correspondent

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.37% from 5.20%, the highest rate since 2009.
  • The adjustable-rate mortgage share of applications last week was over 9% by loan count and 17% based on dollar volume. At 9%, the ARM share was double what it was three months ago.
  • Applications to refinance a home loan fell 9% for the week and were 71% lower than the same week one year ago

Read the full article here: https://www.cnbc.com/2022/04/27/adjustable-rate-mortgage-demand-doubles-as-interest-rates-hit-the-highest-since-2009.html