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As Fixed Rate Mortgages Rise, ARMs See Demand

  • October 11th 2023

by UrbanTurf Staff

Mortgage rate chart_10-05-23.png

As long-term mortgage rates reach heights not seen in 20 years, adjustable rate mortgages are seeing renewed interest.

The Mortgage Bankers Association (MBA) reported Wednesday that mortgage application volume rose slightly this week, thanks to an increase in adjustable rate mortgages (ARMs).

The increase is the result of the widening difference between 30-year rates and adjustable rates. As long-term rates rose to 7.67%, adjustable rates fell to 6.33%.

"The level of ARM applications increased by 15 percent over the week, bringing the ARM share up to 9.2 percent of all applications, the highest since November 2022," Joel Kan, MBA’s Vice President and Deputy Chief Economist, said in a release. "The yield curve has become less inverted in recent weeks and ARM pricing has certainly improved."

This article originally published at https://dc.urbanturf.com/articles/blog/as_fixed_rate_mortgages_rise_arms_see_demand/21566.

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