ARM Applications

Mortgage applications rose slightly last week, driven by an increase in adjustable-rate applications. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 0.6%. Mortgage rates shot up for all loan types but adjustable-rate mortgages, leading to a rush on these loans, which boosted overall volume.  ARM applications jumped by 15% in just one week, pushing them to a 9.2% share of all applications, their highest level since November 2022. Adjusted purchase applications inched up 1%, while the unadjusted index rose by 1% from the week before and was 19% lower YOY. “The yield curve has become less inverted in recent weeks and ARM pricing has certainly…