00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Mortgage rates rose again last week, pushing more borrowers toward adjustable rate mortgages
00:07as they searched for lower borrowing costs, according to CNBC.
00:11ARMS accounted for 8.5% of all mortgage applications, up from 8% a week earlier
00:19and the highest share since June, according to the Mortgage Bankers Association.
00:23The average 30-year fixed mortgage rate increased to 6.85% from 6.79%,
00:29while the average 5-year ARM rate fell to 5.82% from 5.94%.
00:35Total mortgage application volume declined 2.7% for the week.
00:40Refinancing applications fell 6% and were 25% lower than a year earlier,
00:45while purchase applications slipped 0.2% but remained 4% higher year-over-year.
00:51For all things money, visit Benzinga.com.
