
Mortgage rates hit 7.12% as ARM demand surges to 9.8%
The average 30-year fixed mortgage rate rose to 7.12% last week, the highest since 2024, according to the Mortgage Bankers Association. This increase drove a shift toward adjustable-rate mortgages, which accounted for 9.8% of applications, while total loan volume fell 1.5%. Refinance applications dropped 3% and were 62% lower than a year ago, signaling a cooling housing market.










