Demand for Adjustable-Rate Mortgages Surge as Rates Push Higher

Demand for Adjustable-Rate Mortgages Surge as Rates Push Higher
A "For Sale" sign is posted outside a residential home in the Queen Anne neighborhood near the Space Needle in Seattle, Washington, on May 14, 2021. Karen Ducey/File Photo/Reuters
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Mortgage applications for home purchases rose 8 percent over the week ending June 17 compared with the week before, in part because of rising demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s June 22 seasonally adjusted index.

“Purchase applications increased for the second straight week—driven mainly by conventional applications—and the [adjustable-rate mortgage] share of applications jumped back to over 10 percent,” wrote Joel Kan, the association’s associate vice president of economic and industry forecasting.

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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