Real Estate

Demand for adjustable-rate mortgages surges, as interest rates jump

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Mortgage applications to purchase a home rose 8% last week compared with the previous week, bolstered in part by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications were, however, 10% lower than they were in the same week one year ago.

A big jump in mortgage rates may have actually spurred homebuyer demand, perhaps as consumers worried rates would move even higher. Mortgage rates surged to the highest level since 2008, while making their biggest one-week jump last week in 13 years.

Meanwhile the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased…



Source cnbc.com

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