Adjustable-rate mortgages (ARMs) have grown in popularity in recent months as borrowers search for affordability relief anywhere they can find it.

With rates in the high-6% range on 30-year fixed products, borrowers are increasingly turning to 7/1 ARM products, said Mike Fratantoni, chief economist for the Mortgage Bankers Association, during the trade group’s Secondary & Capital Markets Conference on Monday in New York City.

More than 7% of all mortgage applications last week were for ARM products — far above the normal baseline of 3% to 5%, Fratantoni said. When looking at dollar volume, ARMs represented about 20% details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com