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Mortgage Rates Sink After Bank Collapses

After a half a percentage point rise over the prior month, U.S. long-term mortgage rates have fallen following high-profile bank failures. So reports CNN.

Freddie Mac 150x150According to Freddie Mac, the average on the 30-year fixed-rate was 6.60% in the week ending March 16, versus 6.75% the previous week. analyst Hannah Jones said that “the failure and resulting bailout of Silicon Valley Bank led to heightened investor concern of additional bank closures, which pushed activity towards Treasury bonds, resulting in dropping yields on the 10-year Treasury and a decrease in mortgage rates.”

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