Скачать или смотреть Drop in Mortgage Rates Sparks Surge in ARM Applications—Highest Level in Three Years

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Drop in Rates Spurs Mortgage Activity Mortgage applications surged 10.9% last week as interest rates fell, according to the Mortgage Bankers Association. The jump was driven mainly by refinancing, which rose 23%—its fastest pace since April. Purchase applications edged up 1% but remain 17% higher than last year.
Refinancing Takes the Lead The average 30-year fixed mortgage rate dipped to 6.67%, sparking a rush among rate-sensitive borrowers. Larger loans saw the biggest shift, with the average refinance size hitting $366,400. Refinances now make up 46.5% of all mortgage applications, up from 41.5% the week prior.
ARM Demand Hits 3-Year High Adjustable-rate mortgage (ARM) applications jumped 25%, pushing their market share to 9.6%—the highest since 2022. Experts say ARMs are attracting borrowers looking for short-term savings before rates adjust. These loans remain especially appealing to those planning to sell or refinance within a few years.
Loan Type Shifts FHA loans accounted for 18.4% of applications, slightly down from the week before. VA loans grew to 14.2%, while USDA loans held steady at 0.5%. These shifts reflect borrowers’ strategies in response to changing rates.
Market Outlook Economists suggest more savings are possible if borrowers compare multiple offers. While lower rates could improve affordability, record-high home prices remain a major hurdle. If the Federal Reserve cuts rates in September, borrowing costs may drop further, potentially drawing more buyers into the market.
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