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Business · 1 hour ago
As standard mortgage rates in US went up again last week, more people looked for cheaper options, turning to adjustable-rate mortgages (ARMs). These loans, which offer lower initial rates, made up 8.5% of all applications, the highest level since June. The average rate for a 30-year fixed mortgage rose to 6.85%, while the average five-year ARM rate fell to 5.82%.
Reported by CNBC · How we write briefs
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