Economic Report: 30-year mortgage sprints towards 8%, pushing more buyers to consider adjustable-rate mortgages
The numbers: U.S. mortgage rates rose for the seventh week in a row, with the 30-year mortgage rate inching even closer to 8%. A jump in rates by 20 basis points caused mortgage demand to fall to the lowest level since 1995. More home buyers are turning to adjustable-rate mortgages, or ARMs, with…
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