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Adjustable Rate Mortgages See Highest Demand in Nearly a Year

  • October 25th 2023

by UrbanTurf Staff

Mortgage rate chart 10-25-23.png

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 1% last week, but adjustable rate mortgage demand rose to its highest level in almost a year. 

“Mortgage activity continued to stall, with applications dipping to the slowest weekly pace since 1995," Joel Kan, MBA’s Vice President and Deputy Chief Economist, said in a release. "These higher mortgage rates are keeping prospective homebuyers out of the market and continue to suppress refinance activity. The ARM share of applications inched up to 9.5 percent, its highest since November 2022.”

See other articles related to: adjustable rate mortgages

This article originally published at https://dc.urbanturf.com/articles/blog/adjustable_rate_mortgages_see_highest_demand_in_nearly_a_year/21615.

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