Mortgage Demand Fluctuates Amidst Interest Rate Volatility and Bank Closures.

Despite some volatility in mortgage rates, demand for mortgages increased for the second straight week, with total application volume rising 6.5% last week compared with the previous week. Mortgage rates were largely higher for most of the week before dropping sharply Friday on news of the Silicon Valley Bank failure. Homebuying basically stalled in early February, after rates rose about a full percentage point, but they seem to be coming back now, perhaps because buyers are concerned rates will go even higher. Applications to refinance a home loan increased 5% from the prior week but were 74% lower than one year ago.