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ARM Share Hits 8.5% as Fixed Mortgage Rates Near 7.1%

Adjustable-rate mortgage market share hit 8.5% of US new mortgage applications on September 16, 2026 — up from 5.4% six months earlier. The shift is forcing first-time buyers and refinancers to choose between paying 30-year fixed rates near 7.1% or accepting ARM lifetime caps with a 5/1 or 7/1 reset structure.