Adjustable-rate mortgage demand jumps nearly 10% as buyers struggle to afford housing market

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 7.86% from 7.90%Applications for a mortgage to purchase a home fell 1% for the week and were 22% lower year over year.

Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 7.86% from 7.90%, with points decreasing to 0.73 from 0.77 for loans with a 20% down payment, according to the Mortgage Bankers Association. That is still 80 basis points higher than the same week one year ago.

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Adjustable-rate mortgage demand jumps nearly 10% as buyers struggle to afford today's pricey housing marketLast week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.86% from 7.90%.
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