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Mortgages Fall to 6.57% in Wake of Bank Failures

Mortgages Fall to 6.57% in Wake of Bank Failures
The Encore Resort gated community in Kissimmee, Florida (Joe Raedle/Getty Images)

By    |   Monday, 13 March 2023 02:47 PM EDT

The average 30-year fixed mortgage rate dropped to 6.57% Monday as 10-year Treasury yields slid on the failure of Silicon Valley Bank and Signature Bank, according to Mortgage News Daily.

That’s down from 6.76% Friday and a recent high of 7.05% Wednesday.

A homebuyer in the market for a $500,000 30-year mortgage with a 20% down payment would pay $128 less a month than last week, CNBC reports.

The 10-year Treasury's yield fell to a one-month low after the collapse of Silicon Valley Bank and Signature Bank.

After 30-year mortgages peaked at more than 7% in October, they began to decrease, nearing 6% at the end of last month. That caused an 8% jump in pending home sales in February, according to National Association of Realtors data. As well, newly built home sales increased, according to the Census Bureau.

However, it would be premature to assume the real estate market is rebounding, due to the persistence of inflation, says Mortgage News Daily COO Matthew Graham.

“This mini banking crisis has to drive a change in consumer behavior in order to have a lasting impact on rates,” Graham says. “It’s still all about inflation” and the “inflationary impact of consumer fear.”


 

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StreetTalk
The average 30-year fixed mortgage rates dropped to 6.57% Monday as 10-year Treasury yields slid on the failure of Silicon Valley Bank and Signature Bank, according to Mortgage News Daily.
mortgages, svb, signature banks
201
2023-47-13
Monday, 13 March 2023 02:47 PM
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