U.S. Adjustable-Rate Mortgage Share Reaches 10.5%, Highest Since October

U.S. mortgage applications declined last week as the average contract rate for a 30-year fixed mortgage rose, while adjustable-rate mortgages (ARMs) reached their largest share of applications since October 2025. ARMs accounted for 10.5% of applications. The average contract rate for a 30-year fixed mortgage with a conforming balance of $832,750 or less increased to 7.50% from 7.49%, more than a percentage point above its level a year earlier. Total application volume fell 2.75% from the prior week and was 37.5% lower than in the same week last year.

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