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Adjustable-Rate Mortgage Demand Gains Amid Rate Rise

Home buyers have increasingly turned toward adjustable-rate mortgages, which are riskier but offer lower interest rates, as mortgage rates have climbed overall. So reports CNBC.

MBAAccording to the Mortgage Bankers Association, the ARM share of mortgage applications in the week ending April 22 was more than 9% by loan count, double the level three months earlier.

Total mortgage application volume was down 8.3% on the week, according to the MBA’s seasonally adjusted index.

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