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Mortgage demand rises despite volatile interest rates

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Mortgage rates tick higher on cool CPI report

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,…



Source cnbc.com

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CPI inflation February 2023 increased 0.4% and 6% from a year ago

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