Global News

[ad_1] Demand for mortgages increased for the second straight week , despite some volatility in mortgage rates. Total application volume rose 6.5% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.71% from 6.79%, with points falling to 0.79 from 0.80 (including the origination fee) for loans with a 20% down payment. That was the average, but mortgage rates were largely higher for most of the week before dropping sharply Friday on news of the Silicon Valley Bank failure. Despite rates being higher, mortgage applications to purchase a home rose 7% for the week but were still 38% lower than the same week a year ago. Homebuying basically stalled in early February, after rates rose about a full percentage point, but buyers seem to be coming back now, perhaps because they are concerned