Key takeaways:
- The share of adjustable-rate mortgage applications climbed to 10.5%, the highest level in a year, as the 30-year, fixed-rate mortgage hit 7.4%, its highest weekly average since November 2023.
- Overall mortgage applications fell 2.7% for the sixth consecutive week, driven by a 4% drop in purchase activity and a 0.4% dip in refinance activity compared to the previous week.
- A 5/1 ARM averaged 6.54% this week, letting borrowers lock in that rate for five years before it adjusts annually, though planning for the loan’s timeline matters most.
Read full article here: https://www.homes.com/news/arm-demand-hits-highest-level-in-a-year-as-mortgage-rates-climb/2066538922/?utm_source=Homes&utm_medium=email&utm_campaign=HM_PDT_B2B_ALL_AgentBreakingNewsFTP_20260401&utm_content=text
