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 Adjustable rate mortgage originations are on the rise

Adjustable rate mortgage offers made to consumers searching for loans on LendingTree have zoomed in the past 12 months, increasing 230% through the first half of this year from the same period in 2021.

While still not an overwhelming share of mortgage applications, ARMs made up 9.1% of the volume for the week of July 22, down from 9.5% the prior week and compared with just 3.6% one year prior, as rising interest rates are driving consumer interest, the Mortgage Bankers Association said.