"Almost 10% of applications were for ARM loans, the highest share since October 2025, as borrowers sought loan types with lower rates, given that the ARM rate was 80 basis points below the 30-year fixed rate. The refinance share of mortgage activity increased to 41.9% of total applications from 40.8% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.6% of total applications."
The refinance index fell 0.1% week over week but stayed 35% higher than a year earlier. The seasonally adjusted purchase index dropped 4% week over week, and unadjusted purchase applications declined 5% from the prior week while remaining 8% above last year. Higher fuel costs raised inflation concerns, and worries about global public debt pushed Treasury yields higher in the U.S. and abroad. Mortgage rates increased across the board, with the 30-year fixed rate reaching 6.56%, the highest level in seven weeks. Overall applications fell to the lowest level in five weeks as purchase borrowers pulled back across conventional and government loans. Refinance applications were essentially unchanged, with government refinances declining and conventional refinances rising. ARM share increased to 9.6% as borrowers sought lower rates, and the refinance share rose to 41.9% of total applications.
Read at www.housingwire.com
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