【CNBC】Rising mortgage rates cause surge in demand for riskier loans

• The weekly average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased last week to 6.56% from 6.46%.
• The adjustable-rate mortgage, or ARM, share of total applications rose to nearly 10%.
• Applications for a mortgage to purchase a home dropped 4% for the week.

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