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Mortgage Demand Rises Nearly 7%
Demand for mortgages rose for the second straight week despite more volatility with interest rates.
Mortgage application volume rose 6.5% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday.
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"“Treasury yields declined late last week, as market concerns over bank closures and the potential for broader ripple effects triggered a flight to safety in Treasury bonds,"MBA's deputy chief economist Joel Kan said in a release. "This decline pushed mortgage rates for all loan types lower."
On Thursday, Freddie Mac will release its weekly interest rates, so it will be interesting to see if rates fall as the result of the continued volatility in the banking world.
See other articles related to: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_rises_nearly_7/20768.
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