General World News

As mortgage rates skyrocketed in May, ARMs doubled

A panel of experts assembled at a recent Mortgage Bankers Association (MBA) conference in New York predicted that adjustable-rate mortgages (ARMs) will become far more popular this year as purchase mortgages increasingly dominate a housing market contending with fast-rising interest rates.

A June market report by a major digital mortgage-exchange and loan-aggregator, MAXEX, which offers an overview of loan-trading activity through the exchange for May, confirmed the MBA panel’s projections. The exchange, founded in 2016, averages about $1 billion per month in non-agency loan-trading volume and counts J.P. Morgan among its details ⇒

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