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Adjustable Rate Mortgage Demand Rises to Highest Level of 2024

  • May 1st 2024

by UrbanTurf Staff

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Adjustable rate mortgages continue to be seen as a popular alternative to 30-year fixed rate mortgages. 

The Mortgage Bankers Association (MBA) reported Wednesday that mortgage application volume fell 2.3% last week, but adjustable rate mortgage (ARM) demand rose to its highest level in 2024. ARMs accounted for  nearly 8% of mortgage demand. 

“Application volume for both purchase and refinances declined over the week and remain well below last year’s pace," Joel Kan, MBA’s Vice President and Deputy Chief Economist, said in a release. "One notable trend is that the ARM share has reached its highest level for the year at 7.8 percent. Prospective homebuyers are looking for ways to improve affordability, and switching to an ARM is one means of doing that, with ARM rates in the mid-6 percent range for loans with an initial fixed period of five years.”

See other articles related to: adjustable rate mortgages, mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/adjustable_rate_mortgage_demand_rise_to_highest_level_of_2024/22252.

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