Mortgage applications rose 6.5% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.71%.
The numbers: Mortgage demand rose over the past week, despite news of bank closures and an uncertain economic outlook.Demand... The numbers: Mortgage demand rose over the past week, despite news of bank closures and an uncertain economic outlook.Demand rose for both purchases and refinancing. That pushed the market composite index — a measure of mortgage application volume — up, the Mortgage Bankers Association said Wednesday.
The average contract rate for a 30-year mortgage for homes sold for $726,200 or less was 6.71% for the week ending March 10.For homes sold for above $726,200, the average rate for the 30-year was 6.39%, down from 6.49% the previous week.The rate for adjustable-rate mortgages decreased to 5.69% from last week’s 5.75%.
Home buyers may see this as welcome news, but the same uncertainty may also lead some to delay purchasing a home, amid worries about job security or financial stability.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SVB a casualty in 'battle between fire and ice' against inflation, bankers hearThe dramatic collapse of Silicon Valley Bank and the market turmoil it unleashed is part of the 'battle between fire and ice' in global efforts to curb inflation after years of cheap money, Morgan Stanley co-president Ted Pick said on Tuesday.
Read more »
Today’s mortgage rates for March 13, 2023Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered
Read more »
Mortgage rates tumble in the wake of bank failuresThe average rate on the popular 30-year fixed mortgage dropped to 6.57% Monday, according to Mortgage News Daily.
Read more »
‘The failures are idiosyncratic’: Silicon Valley Bank and Signature Bank collapse may lower mortgage rates, helping a stagnant housing marketThe collapse of Silicon Valley Bank will likely help push mortgage rates down further, experts say.
Read more »
Mortgage rates post big decline amid Silicon Valley Bank falloutWall Street is now betting the Fed will pause its interest rate hike campaign next week amid fallout from the SVB failure, sending mortgage rates tumbling.
Read more »
Today’s mortgage rates for March 14, 2023Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered
Read more »