November 18, 2024 11:24 am
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Adjustable rate mortgages hitting a highpoint

Adjustable rate mortgage

Adjustable rate mortgageBy Trey Garrison | HousingWire

The adjustable-rate mortgage share of mortgage applications reached its 2015 high at 7% in late June, according to Lynn Fisher and Joel Kan at the Mortgage Bankers Association, but it has a long way to go to reach the old normal.

“The highest ARM share recorded in the survey, which goes back to 1990, was 36.6% in March 2005,” they write. “The share also exceeded 34% in 1994 and 2000 when interest rates were relatively high. The historical average for the ARM share is 14.4%.”

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