SKY HIGH: Mortgage rates double vs year ago, refinancings hit 22-year low
Fox News contributor Brian Brenberg joined 'Kennedy' to weigh in on the Federal Reserve raising interest rates for a third time and its impact on the housing market.
"With the recent jump in rates, the ARM share reached 10 percent of applications and almost 20 percent of dollar volume," Kan said. "ARM loans remain a viable option for qualified borrowers in this rising rate environment."FHA applications decreased from 13.3% to 12.5% in the past week, while VA applications decreased from 10.9% to 10.7%. The USDA share of total applications went without change, holding at 0.6% over the past two weeks.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances greater than $647,000 also increased from 5.79% to 6.01%. Points increased from 0.46 to 0.7, including the origination fee, for 80% of loan-to-value ratio loans. The effective rate also increased.
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