Wednesday March 22nd 2023 Mortgage Demand Soars as Bank Failures Impact Interest Rates

The banking sector's recent woes have driven mortgage rates down, leading to an increase in demand for home loans.

However, rates are on the rise again, which could put a damper on application volume.

Total mortgage application volume rose 3% 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 6.48% from 6.71%, with points decreasing to 0.66 from 0.79 (including the origination fee) for loans with a 20% down payment.

It was the lowest level in a month but still much higher than the same week one year ago, when the rate was about 4.5%.

Treasury yields declined last week, driven by uncertainty over the health of the banking sector and worries about the broader impact on the economy.

Applications to refinance a home loan increased 5% for the week but were 68% lower than the same week one year ago.?

Refinance demand is highly sensitive to weekly rate moves, but there are precious few borrowers right now who can still benefit from a refinance at today's higher interest rates.

Mortgage applications to purchase a home increased 2% from the previous week and were 36% lower than the same week one year ago.

For those who are struggling with debt, the situation can seem hopeless.?

From student loan debt to mounting credit card bills, it can be hard to see a way out. The truth is, there is hope.

The Law Offices of Omar Zambrano are here to help those who are struggling with debt and looking for a fresh start.?

We understand that debt can be overwhelming, and we are here to help you take control of your finances and start down the path to financial freedom.

For a Free Consultation call us at 626-338-5505, where a member of our knowledgeable staff will be more than happy to assist you with any questions or needs you may have.

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