HOMZ - Mortgage rates fall after 5 consecutive weeks of increase post Silicon Valley Bank failure news

2023-03-16 12:24:45 ET

Mortgage rates fell for the week ending Mar. 16, after five consecutive weeks of increase, on news of the Silicon Valley Bank failure.

30-year fixed-rate mortgage rates averaged 6.60% for the week, down from last week when they averaged 6.73% and higher than 4.16% a year ago, according to the Freddie Mac Primary Mortgage Survey.

15-year fixed-rate mortgages averaged 5.90%, down from last week when it averaged 5.95% and 3.39% a year ago.

"Mortgage rates are down following an increase of more than half a percent over five consecutive weeks," Freddie Mac's chief economist, Sam Khater, said.

"Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term," Khater added.

Rates were largely higher for most of the last week but fell at the end of week on news of the Silicon Valley Bank failure .

Mortgage applications rose as interest rates fell.

Here is a look at the year-to-date mortgage rates movement:

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