The first good news for potential homebuyers has come out recently with a drop in mortgage rates. Rates had been at a high of over 7 percent, but due to the news of two bank failures, they dropped toward a 6 percent level.
The collapse of both Silicon Valley Bank and the Signature Bank seems to have shaken up the market. As a result, the banks have lowered the 30-year mortgage rates to 6.68 percent. It is a significant drop in mortgage rates since the previous Thursday, when they were 7 percent. NerdWallet says that the average on March 15 for a 15-year fixed mortgage is 5.79 percent, which is lower than just one week ago….