Demand for adjustable-rate mortgages hit the highest share in 11 months
The numbers: Mortgage rates rose for the sixth week in a row with the 30-year mortgage rate hitting its highest level since November 2000.More home buyers are turning to adjustable-rate mortgages, or ARMs, with demand rising to the highest share of overall mortgages in 11 months. But it wasn’t enough to offset the sharp pullback in home buying.
Key details: High rates suppressed activity amongst home buyers as well as homeowners looking to refinance. The average rate for a 30-year mortgage backed by the Federal Housing Administration fell to 7.36% from 7.4%.The rate for adjustable-rate mortgages rose to 6.52% from last week’s 6.33%. ARMs now comprise 9.3% of all applications, which is the highest share in 11 months.
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