The 30-year rate is at the highest level since 2000
The numbers: Home buyers are turning to adjustable-rate mortgages, or ARMs, as persistently high rates hurt their ability to buy houses.
The market index rose 0.6% to 179.3 for the week ending Oct. 6 from a week earlier. A year ago, the index stood at 214.3. Refinancing also rose, despite higher rates. Buyers could be dipping into their home equity through cash-out refinancing. The refinance index rose 0.3%. The average rate for a 30-year mortgage backed by the Federal Housing Administration rose to 7.4% from 7.29%.The rate for adjustable-rate mortgages fell to 6.33% from last week’s 6.49%. The share of ARM applications rose by 15% from the previous week. ARMs now comprise 9.2% of all applications, which is the highest share in 10 months.
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