Adjustable-rate mortgage demand spiked last week. Here’s why.
PUBLISHED WED, OCT 11 20237:00 AM EDT
By: Diana Olick
The average rate on the 30-year fixed mortgage rose to the highest level since 2000 last week, but rates on adjustable-rate mortgages fell. That caused a run on these so-called ARMs, pushing total mortgage application volume very slightly higher, up 0.6% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
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