Nearly 10% of borrowers chose ARMs as 30-year mortgage rates hit 7.12%
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US mortgage rates reached their highest since 2024 as the average 30-year fixed rose to 7.12% from 6.97%. Total loan applications fell 1.5%; refinances dropped 3% and were 62% below a year ago, while purchase applications fell 1% and were 11% lower year on year. With fixed rates up, 9.8% of borrowers chose adjustable-rate loans for lower payments.
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