Home mortgage applications are now into their fourth straight month of declines, dropping to the lowest level since 1997, as the 30-year fixed mortgage rate hit 6.94 percent – the highest level since 2002, the Mortgage Bankers Association reported Oct. 19.

The ARM share of all applications rose to 12.8 percent, its highest share since March 2008.

"ARM loans continue to remain a viable option for borrowers who are still trying to find ways to reduce their monthly payments," Joel Kan, MBA's vice president and deputy chief economist said in prepared remarks.

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