Real Estate

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

0


Mortgage rates moved even higher last week, crashing refinance demand and prompting potential homebuyers to apply for riskier loan products which offer lower rates.

Total mortgage application volume fell 8.3% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand is now half of what it was a year ago.

Rising rates are to blame. 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%, with points rising to 0.67 from 0.66 (including the origination fee) for loans with a 20% down payment. That is the highest rate since 2009. The rate…



Source cnbc.com

0 0 votes
Article Rating

Ford CEO says automaker plans to challenge Tesla as global EV leader

Previous article

Meta (FB) Q1 2022 earnings

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Real Estate