The increase coincides with a sharp rise in mortgage rates.
The average weekly rate on a 30-year mortgage slipped this week to 5.25% from 5.3% last week,
which was the highest level since 2009, according to mortgage buyer Freddie Mac.
The average rate was 3% a year ago.
LOS ANGELES: Rising interest rates are making adjustable-rate mortgages an increasingly mortgages an increasingly attractive alternative to common 30-year, fixed rate home loans.
ARMs made up 13% of all home loans by dollar volume in March their highest share since January 2020, according to CoreLogic.
ARMs made up 13% of all home loans by dollar volume in March their highest share since January 2020, according to CoreLogic.
The increase coincides with a sharp rise in mortgage rates. The average weekly rate on a 30-year mortgage slipped this week to 5.25% from 5.3% last week,
which was the highest level since 2009, according to mortgagebuyer Freddie Mac. The average rate was 3% a year ago.