No, not the book, but Adjustable Rate Mortgages have fallen out of popularity due to the current interest rate. The Mortgage Bankers Association said borrowing costs on 30-year fixed-rate mortgages dropped to the lowest level in weeks, but rates on one-year adjustable-rate mortgages (ARMs) surged to 6.51 percent from 5.84 percent in the week ended Aug. 24, its largest weekly jump on record and highest level since January 2001.
U.S. mortgage applications fell for a second consecutive week, however, were 10.5 percent above their year-ago level. Which is interesting given the housing slump currently being experienced.
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