Seven percent mortgage rates just returned, and buyers are changing how they borrow. The average contract rate for a conforming 30 year fixed mortgage jumped to 7.12 percent for the week ending September 18, up from 6.97 percent one week earlier, according to the Mortgage Bankers Association. It was the highest level since May 2024. The response was immediate. Adjustable rate mortgages, commonly called ARMs, increased to 9.8 percent of total mortgage applications, up from 8.4 percent the previous week.…
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Mortgage Rates Cross 7% and Buyers Are Starting to Gamble on What Comes Next
Mortgage rates climbed above 7%, pushing more buyers toward adjustable-rate mortgages as they search for lower initial payments.
