Adjustable-Rate Mortgage Demand Hits Yearly High as 30-Year Rate Continues to Climb

Wednesday, 1 May 2024, 11:01

The demand for adjustable-rate mortgages has surged to its highest level this year as 30-year mortgage rates keep rising. Despite a 2.3% decrease in mortgage applications, the average rate for a 30-year mortgage stands at 7.29%.
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Adjustable-Rate Mortgage Demand Hits Yearly High as 30-Year Rate Continues to Climb

Adjustable-Rate Mortgage Demand Surge

Mortgage applications fell 2.3% in the last week, as reported by the Mortgage Bankers Association. The demand for adjustable-rate mortgages is on the rise, reaching the highest level this year.

30-Year Mortgage Rates Climbing

  • The average rate for a 30-year mortgage currently stands at 7.29%, indicating a continuous climb in rates.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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