ARM Applications See Boost Again As Buyers Struggle With High Costs
Mortgage applications slipped again last week, though ARM applications soared in response to ongoing affordability pressures.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 2.1%, slightly up from the week prior’s 1% dip.
Adjusted purchase applications slipped by 1%, while the unadjusted index fell by 2% from the week before and was 22% lower YOY.
Applications decreased despite the 30-year fixed mortgage cooling slightly to 7.86%, breaking a weeks-long streak of increases. Rates remain close to 23-year highs, however, and all rates are approximately 30 bps higher than a month ago.
“The impact of higher rates continued to be felt across both purchase and refinance…