Real Estate

Adjustable-rate mortgage demand surges to 14-year high, as homebuyers try to afford this pricey spring market

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A newly sold home is shown in Houston, Texas.

Brandon Bell | Getty Images

It could be more listings on the market, or perhaps just fear that interest rates will move even higher, but homebuyers are showing more demand for mortgages. They are, however, turning even more to adjustable-rate mortgages (ARMs), which offer lower rates. That gives them an advantage as both rates and home prices continue to climb.

Mortgage applications to purchase a home rose 5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand was still 8% lower than the same week one year ago, but that annual drop is now shrinking.

The average contract…



Source cnbc.com

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