【CNBC】Demand for adjustable-rate mortgages surges, as interest rates make biggest jump in 13 years

• Mortgage applications to purchase a home rose 8% last week compared with the previous week, bolstered in part by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association.
• A big jump in mortgage rates may have actually spurred homebuyer demand, perhaps as consumers worried rates would move even higher.
• "The average loan size, at just over $420,000, is well below its $460,000 peak earlier this year and is potentially a sign that home price-growth is moderating," said Joel Kan, an economist for the MBA

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