Broad Ripple Realty, LLC

As a means of coping, ARM loans are coming back due to the rapid increase in mortgage rates. According to the MBA survey, ARM loans accounted for 9% of mortgage loan applications in the previous weeks. !

Mortgage rates climb to highest level since 2009 ARM loans accounted for 17 percent of mortgage applications by dollar volume, with the average borrower seeking a $728,900 loan.

See what Senior Economist and Director of Forecasting, Nadia Evangelou at the National Association of Realtors has to say about the mortgage rates today. ⬇️ !

Instant Reaction: Mortgage Rates, May 12, 2022 After last week's surge, the 30-year fixed mortgage rate rose slightly to 5.30% from 5.27% the previous week. Unyielding inflation and the Fed's tightening policy seem to be the main drivers of today's mortgage rates.

There's no denying that home prices and mortgage rates are at all-time highs. Borrowers are choosing adjustable-rate mortgages (ARM) or paying "points" to lower their interest rates. This article explains more! !

Housing affordability rapidly approaching bubble levels If mortgage rates rise another half a percentage point, or if home prices go up 5 percent, affordability will hit the worst levels on record.