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Mortgage Market Holds Steady as ARMs Lose Appeal | Business and Finance News
Description
Mortgage demand barely moved last week, with applications up just 0.04% as 30-year fixed rates dipped to 6.57%, while adjustable-rate mortgages climbed to 5.79%—narrowing the gap that once made ARMs attractive, now accounting for just 7.6% of applications, the lowest in months. Buyers remain cautious amid inflation and economic uncertainty, and despite a 1% rise in purchase applications, it’s still modest compared to last year. Refinance applications fell 1% but remain higher than this time last year. With oil prices dipping slightly and riskier loans losing appeal, the market’s in a holding pattern—borrowers are playing it safe as rates stay steady and deals grow harder to find.
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