Mortgage rates tumble in the wake of bank failures

Business,Economy And Jobs,Banking And Finance,Mortgage Rates,Housing And Homelessness

Posted on AllSides March 13, 2023

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The average rate on the popular 30-year fixed mortgage dropped to 6.57% Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday.

Mortgage rates follow loosely the yield on the 10-year Treasury, which fell to a one-month low in response to the failures of Silicon Valley Bank and Signature Bank and the ensuing ripple through the nation’s banking sector.

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