US Mortgage Demand Rises 2.9% Since Last Week, But Purchase Demand DOWN -35% Since Last Year (Refi Demand DOWN -61% YoY)

Well, the regional banking crisis has one positive outcome: mortgage rates dropped -46 basis points since last week. The result? Mortgage demand increased 2.9 percent week-over-week (WoW). Although I don’t recommend banking incompetence by bank management and “regulators” as a strategy to increase mortgage demand.