Silicon ValleyBank

Mortgage applications increased again last week while banking troubles forced rates down. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 6.5 %. The average interest rate for 30-year fixed loans fell from 6.79% to 6.71%, giving borrowers brief respite from a month of increases. Adjusted purchase applications increased by 7%, while the unadjusted index was up 8% from the week before and was 38% lower YOY. This is the second consecutive week of increased purchase demand. “Treasury yields declined late last week, as market concerns over bank closures and the potential for broader ripple effects triggered a flight to safety in Treasury bonds. This decline…