US mortgage rates slide following bank turmoil

Source: Yahoo! Finance

“Mortgage rates dropped this week after two bank failures inflamed investor fears. The rate on the average 30-year fixed mortgage fell to 6.60% this week, down from 6.73% the week prior, according to Freddie Mac. The rate tracks the 10-year Treasury yield, which has fallen over 40 basis points from last Thursday’s close as investors bet the Federal Reserve could slow its interest-rate hiking campaign after Silicon Valley Bank and Signature Bank collapsed and worries emerged over Credit Suisse and First Republic Bank. … The sudden drop in rates revived some activity in the housing market, encouraging some sidelined buyers to make moves. Still, the high volatility of the market could keep other folks on pause.” (03/16/23)