Bank Failures Spark Mortgage Rate Plunge: What It Means for Personal Finance
Christin4105 Apr, 2023Finance
The average rate of a 30-year fixed mortgage decreased by 6.57% on Monday compared to Friday and 7.05% last Wednesday. This caused a drop in home payments and an increase in pending home sales. The decrease in rates is attributed to inflation and economic data being stronger than expected. The mortgage rates are influenced by both the Fed's monetary policy and future inflation.
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