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.
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