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As the fixed mortgage rate continues to rise, Kan noted that some homebuyers are looking to lower their monthly payments by accepting some interest rate risk after the initial fixed period.
“The adjustable-rate mortgage (ARM) share of applications increased to 7.6%, the highest level in five months, and the number of ARM applications picked up by 4% last week,” he said.
The refinance share of mortgage activity also increased to 29.5% from 28.6% the week before. The FHA share of total applications was up five basis points to 14.3%, and the USDA share was up one basis point to 0.5%. Meanwhile, the VA share of applications slipped two basis points to 11.6%.
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