1-Year ARM Attractiveness Increasing
Posted on October 23, 2009
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The average 30-year fixed-rate mortgage jumped 8 basis points from the prior week in Freddie Mac’s Primary Mortgage Market Survey for the week ended Oct. 22. But the one-year Treasury-index adjustable-rate mortgage was down 6 BPS in Freddie’s survey. The share of mortgage shoppers who applied for ARMs crept up to 6.4 percent from the prior week in the Mortgage Bankers Association’s survey for the week ended Oct. 16. The widening spread between the 30-year and the one-year is likely to push more borrowers into ARMs.
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